TCREUR_Public/150505.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, May 5, 2015, Vol. 16, No. 87

                            Headlines



A U S T R I A

HYPO ALPE-ADRIA: Heta Debt Guarantee Case to Set Precedent


F R A N C E

CERBA EUROPEAN: S&P Affirms & Then Withdraws 'B+' CCR
CERBERUS NIGHTINGALE: S&P Assigns 'B+' CCR, Outlook Stable


G E R M A N Y

OAK HILL III: Moody's Rates EUR11.7MM Class F Notes '(P)B2'
PATERNOSTER HOLDING: S&P Assigns 'B' CCR, Outlook Stable
TALISMAN-7 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'D'
TAURUS 2015-2: Moody's Rates EUR74.1MM Class E Notes 'Ba2'
TAURUS 2015-2: S&P Assigns 'B' Rating to Class F Notes

XELLA INT'L: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable


G R E E C E

ATHENS: Moody's Lowers Issuer Rating to Caa2, Outlook Negative
GREECE: No Bailout Deal Yet; Spain, Portugal Can Withstand Grexit
GREECE: Moody's Says Euro Exit Should Not Be Underestimated
OLYMPIC AIRLINES: Insolvency Affects Pension Scheme Benefits
PIRAEUS BANK: Moody's Cuts Long-Term Deposit Ratings to Caa3


I R E L A N D

ANGLO IRISH: Deal to Settle Dispute with Quinns Fails


I T A L Y

GE CAPITAL: Moody's Lowers Deposit & Sr. Debt Ratings to


K A Z A K H S T A N

FORTEBANK JSC: Moody's Raises LT Deposit Ratings to 'Caa1'
NOSTRUM OIL: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable


N E T H E R L A N D S

BOYNE VALLEY: S&P Lowers Rating on Class E Notes to 'B+'
GROSVENOR PLACE 2015-1: Moody's Rates EUR11MM Class E Notes 'B2'
JUBILEE CLO 2014-XII: Fitch Affirms 'B-' Rating on Class F Notes
ROYAL KPN: Fitch Affirms 'BB' Rating on Sub. Capital Securities


R U S S I A


ALFA-BANK: Moody's Rates Subordinated Securities 'B2(hyb)'
EVRAZ GROUP: S&P Raises CCR to 'BB-' on Improved Metrics
FEDERAL PASSENGER: Moody's Confirms 'Ba1' CFR, Outlook Negative
MURMANSK REGION: Fitch Lowers IDR to 'BB-', Outlook Stable
RUSSIAN RAILWAYS: Moody's Affirms 'Ba1' CFR, Outlook Negative


S P A I N

NH HOTEL: S&P Affirms 'B-' CCR on Proposed Partial Refinancing


U K R A I N E

MHP SA: Moody's Says Repayment of US$234MM Eurobond is Credit Pos
UKRAINIAN RAILWAYS: S&P Lowers CCR to 'CC', Outlook Negative


U N I T E D   K I N G D O M

DANUBE DELTA: S&P Affirms CCC- Ratings on 7 Note Classes
ETHEL AUSTIN: 1,200 Former Workers Won't Receive Compensation
INDUS PLC: Fitch Lowers Rating on Class C Notes to 'Dsf'
RESIDENTIAL MORTGAGE 25: S&P Ups Rating on B3-Dfrd Notes to BB
SOUTHDALE HOMES: In Administration After Loss-Making Projects

SOUTHDALE HOMES: Kier Living Buys North West Division
THEATRE HOSPITALS 1: Fitch Withdraws 'B' Rating on Class D Notes
THOMAS COOK: S&P Revises Outlook to Stable & Affirms 'B' CCR
TULLIS RUSSELL: Angry Workers Demand Answers From Management
WOOLWORTHS: 3,200 Former Workers Won't Receive Compensation

* UK: Gloom Deepens Among Struggling Oil Firms


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            *********



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A U S T R I A
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HYPO ALPE-ADRIA: Heta Debt Guarantee Case to Set Precedent
----------------------------------------------------------
Laura Noonan at The Financial Times reports that Klagenfurt am
Worthersee will be the venue for a trial run for as-yet-untested
rules within the EU on who foots the bill when banks go bust.

Investors, including Pimco, one of the world's largest bond
investors, have more than EUR11 billion at stake in the final act
of what was once Hypo Alpe Adria (HAA), the lender nationalized
in 2009 amid allegations of mismanagement that saw managers
jailed, politicians shamed and Austrian taxpayers faced with
EUR5.5 billion in costs, the FT discloses.

On March 1, reeling from news that Heta, the "bad bank" created
to dispose of the non-performing portion of HAA, could need
another EUR7.6 billion state aid, Austria's financial regulator
put the bank into resolution after the government said it would
not provide any more money, the FT says.

In response, Heta suspended bond payments, including payments on
bonds guaranteed by its home state Carinthia, until at least
May 2016 while it decides which creditors get paid first out of
its remaining monies, the FT relays.

"There will be extremely important precedent set," the FT quotes
Wolfgang Freund, partner at Vienna-based law firm Grama
Schwaighofer Vondrak, as saying, adding that the case would
establish how publicly guaranteed debt should be dealt with when
banks are wound down.

"The issue goes beyond mere banking law," his colleague
Wolfgang Lafite, as cited by the FT, said, describing it as a
constitutional law issue around the right to property -- the
property in this case being the protection of a guarantee.

The most complicated case is the EUR9.85 billion of Heta's debt
guaranteed by Carinthia, the FT says.

The state of Carinthia said it could not immediately answer
questions on how it would deal with the bonds, the FT notes.

According to the FT, some investors are mulling attempts to hold
the Austrian authorities liable for HAA's financial implosion on
the grounds that it was poorly supervised, a charge Austria's
financial regulator, the FMA, rejects.

Under Austrian law, investors have a three-month window to June 1
to file challenges to the FMA's decision to wind up the bank, the
FT states.   A spokesman for the FMA said three law firms had
requested access to files related to Heta, and one individual had
lodged an objection, the FT relates.

Investors may not get any answers until they find out the amount
of their shortfall in May 2016, when Heta knows how much money it
can pay bondholders, so lawsuits could be years away, the FT
notes.

                      About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo Alpe
faced possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5, 2013.  On Sept.
3, 2013, the Commission cleared Hypo Alpe's restructuring plan,
which includes the sale of the bank's Austrian unit and Balkans
banking network and the winding-down of non-viable parts.  It
also approved additional aid to wind down the bank.

As reported in the Troubled Company Reporter-Europe on Nov. 3,
2014, The Wall Street Journal said Austria's nationalized lender
Hypo Alpe-Adria-Bank International AG said on Oct. 30 it has
split itself between a wind-down unit, called Heta Asset
Resolution GmbH, and its southeastern European network of banks.

The split is part of the lender's restructuring plan approved by
the European Commission, the Journal disclosed.  According to the
Journal, under the plan, the Austrian government -- Hypo Alpe-
Adria's current owner -- must sell off all of the bank's assets
or transfer them into a wind-down unit by mid-2015.



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F R A N C E
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CERBA EUROPEAN: S&P Affirms & Then Withdraws 'B+' CCR
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Cerba European Lab SAS Touax S.C.A., a
France-based laboratory provider.  S&P subsequently withdrew the
rating at the company's request.  The outlook was stable at the
time of the withdrawal.

At the same time, S&P affirmed its 'B+' long-term issue ratings
on Cerba's outstanding EUR530 million senior secured notes.

S&P is withdrawing its corporate credit rating on France-based
clinical pathology laboratory operator Cerba European Lab SAS
because S&P has assigned a new corporate credit rating at the
parent level, Cerberus Nightingale 1 Sarl.  This follows the
group's recently completed acquisition of Novescia, which was
partially financed by new EUR145 million senior notes issued by
Cerberus Nightingale 1 Sarl.


CERBERUS NIGHTINGALE: S&P Assigns 'B+' CCR, Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Cerberus Nightingale 1 S.a.r.l.
(Cerberus).  The outlook is stable.

S&P also assigned a 'B-' issue rating to Cerberus' proposed
EUR145 million of subordinated notes.  The recovery rating of '6'
indicates S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

The rating on Cerberus reflects that the group's completed
acquisition of French laboratory operator Novescia supports S&P's
assessment of the group's business risk profile as "fair" and its
financial risk profile as "highly leveraged."  From these
assessments, S&P derives its anchor of 'b'.

S&P adjusts the anchor upward by one notch to arrive at the
corporate credit rating of 'B+' to reflect S&P's positive view of
the group under its comparable rating analysis, whereby S&P
reviews an issuer's credit characteristics in aggregate.

S&P's positive comparable rating analysis primarily reflects the
group's track record of successfully integrating newly acquired
companies, while realizing planned synergies and gradually
improving the group's EBITDA margin.  S&P views the latter as
being at the higher end of the average range for health care
service providers.  The positive comparable rating analysis is
also supported by S&P's calculation that funds from operations
(FFO) to cash interest comfortably exceeds 2x.

Although the group's plan to finance the acquisition via new debt
will lead its debt protection metrics to weaken -- specifically
FFO to cash interest coverage -- they will remain within levels
that S&P considers to be in line with the 'B+' rating.

S&P views positively the increased size of the combined entity
and S&P believes that the merger will cement the group's position
as a consolidator and one of the leading laboratory operators in
Europe.  The larger scale should enable the group to achieve
better cost savings, for example from procurement, and help
negotiations with payers.

The combined entity will also benefit from increased
diversification as Novescia brings access to emergency laboratory
testing.  Although Novescia's margin is somewhat lower than the
group's, S&P estimates that the group will realize the planned
synergies, based on its track record.  As such, S&P maintains its
forecast of the group's adjusted EBITDA margin at about 20%-23%.

S&P assess the industry in which the group operates as carrying
intermediate risk, reflecting sustainable long-term, low-single-
digit growth, due to increasing volume that is partially offset
by negative pricing.  The health care segment of most European
countries is subject to strict regulation with increasing pricing
pressures.  As the clinical laboratory market does not differ
materially in this respect, the group is likely to face the task
of adapting its cost structures to lower reimbursement rates.

S&P views positively the group's position as a leading operator
of clinical laboratory testing services in France, Belgium, and
Luxembourg, which S&P considers to be low risk.

S&P regards the group's revenue diversification and its growing
size as an advantage in the fragmented, highly regulated, and
price-competitive environment.  This enables the company to
exploit cost advantages through common procurement and overhead
optimization.  These benefits are reflected in comparatively high
operating margins.  S&P estimates that the group's EBITDA margins
will remain in the low- to mid-twenties, which compares favorably
with the margins of the company's larger international peers.

The group's business risk profile is further supported by what
S&P views as favorable underlying trends and the characteristics
of the clinical laboratory services industry.  Chief among these
is a supply-and-demand structure that involves a multitude of
individual orders and transactions with no dependence on one
large customer or contract.  As customers are mainly individual
patients undergoing diagnostic tests, payment risk is virtually
nonexistent since most bills are settled by public and private
health insurance or hospitals.  In addition, factors such as
aging populations, increasingly unhealthy lifestyles that are
accompanied by prevalent diseases such as diabetes and cancer,
and the increasing demand for precise diagnostics and early
detection will continue to drive volumes.

In S&P's opinion, these strengths are partially offset by the
group's still relatively modest, although increasing, size.
Expected yearly revenues are about EUR550 million in 2015 after
the Novescia integration.  This compares with the value of the
French clinical laboratories diagnostic services market of about
EUR7.3 billion.

Furthermore, as European governments seek to meet budgetary
constraints, the clinical laboratory segment is becoming subject
to stricter regulation and increasing pricing pressure.  As such,
the group will continue to be challenged to adapt its cost
structures to the more-regulated and subsequently more expensive
operating environment, and to lower prices.  While, as a
consolidator, the group is better placed to absorb pricing
pressure than smaller laboratories, increasing exposure to
regulatory actions is highly likely.

Apart from price regulation, S&P believes a further challenge
could come from limits on reimbursements for diagnostic tests.
This could mean greater out-of-pocket contributions from patients
and consequently lower demand for standard tests.

S&P forecasts that the laboratory industry in France will
continue to consolidate and that the group will play an active
role in the process.  The Novescia acquisition aligns with S&P's
previous estimates of EUR200 million-EUR300 million of
discretionary spending on acquisitions.  Given the significant
size of the latest transaction, S&P estimates further spending on
acquisitions to be limited to EUR80 million per year.

The group tapped the bond market and raised EUR230 million of
notes, adding to the EUR445 million of notes raised in 2013 and
2014, to finance its mergers and acquisition strategy.  S&P
estimates that the group's Standard & Poor's-adjusted debt-to-
EBITDA ratio will be about 6x over the next three years,
commensurate with S&P's "highly leveraged" financial risk profile
assessment.  S&P do not deduct cash from its leverage
calculation, as this has not been ring-fenced for debt repayment
and could be used for other purposes, such as acquisitions.

Due to the group's long-dated debt maturity profile and
acquisitive strategy, any future improvement in leverage is
likely to result from higher profitability, rather than from any
reduction in debt.

Assuming that the group's acquisitions are profit-accreting from
the start, S&P estimates that the group will maintain an average
adjusted FFO cash interest coverage of above 2x over the next
three years (averaging about 2.2x), which supports the rating.
S&P estimates that the group will achieve adjusted EBITDA of
about EUR145 million by 2016, supported by positive free
operating cash flow (FOCF).

S&P's base-case estimates for Cerberus assume:

   -- GDP growth of 0.8% in 2015 and 2016 in France and 0.8% in
      Belgium.

   -- A limited correlation between these rates and the group's
      revenue growth.  This is because the group's revenue
      performance is driven by tariffs set by the state and
      insurers, and we use GDP as an indication of the state's
      willingness to pay for health care.

   -- No significant price cuts in France or Belgium, but some in
      Luxembourg.

   -- Continued strong double-digit sales growth in 2015 and
      2016, owing to management's planned pace of acquisitions.
      Without external growth, S&P believes that underlying
      revenue growth will be in the 0%-2% range as any volume
      increase is likely to be offset by price reduction.
      Operating margins to remain stable, assuming a swift
      integration of acquired companies.

   -- Continuing efficiency improvements.  The centralization of
      the group's laboratories drives margin stability, which S&P
      estimates will remain about 23%.

   -- Annual maintenance capital expenditure of EUR15 million.

   -- Acquisition spending of EUR315 million in 2015, which
      includes the acquisition of Novescia, and EUR80 million
      annually thereafter.

   -- Only small dividends of about EUR3 million per year to
      minority shareholders.

Based on these assumptions, S&P arrives at these credit measures:

   -- An adjusted debt-to-EBITDA ratio of about 6x on average.

   -- Adjusted FFO cash interest coverage of about 2.2x on
      average over the next three years.

The stable outlook reflects S&P's view that over the next 12-18
months, the group's market position, increasing scale, and
operating model should enable it to successfully integrate newly
acquired businesses.  At the same time, the group should be able
to sustain positive underlying revenue growth of at least low
single digits and maintain its profitability and its positive
cash flow generation, despite reimbursement tariff pressure.

S&P views adjusted FFO cash interest coverage exceeding 2x at all
times, as is commensurate with the 'B+' rating.

S&P could take a negative rating action if the group's adjusted
FFO cash interest coverage drops to less than 2x.  This would
most likely occur if operating margins deteriorate due to the
group's inability to profitably integrate newly acquired
operations or if the company undertakes sizable debt-financed
acquisition before it fully integrates Novescia.

A positive rating movement is unlikely over the next 12-18
months, as S&P projects debt to EBITDA to remain above 5x and as
such in the "highly leveraged" category.  This assumption
reflects that the company is operating in a consolidating
industry and is likely to use available cash for acquisitions.

However, S&P would likely take a positive rating action if the
company sustains adjusted debt to EBITDA of less than 5x.  In
view of the amount of deleveraging required to achieve this, S&P
considers it would most likely occur because of a change in
financial policy.



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G E R M A N Y
=============


OAK HILL III: Moody's Rates EUR11.7MM Class F Notes '(P)B2'
-----------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Oak Hill European Credit
Partners III Limited:

  -- EUR201,100,000 Class A-1 Senior Secured Floating Rate Notes
     due 2028, Assigned (P)Aaa (sf)

  -- EUR5,300,000 Class A-2 Senior Secured Fixed Rate Notes due
     2028, Assigned (P)Aaa (sf)

  -- EUR31,600,000 Class A-3 Senior Secured Fixed/Floating Rate
     Notes due 2028, Assigned (P)Aaa (sf)

  -- EUR31,800,000 Class B-1 Senior Secured Floating Rate Notes
     due 2028, Assigned (P)Aa2 (sf)

  -- EUR12,700,000 Class B-2 Senior Secured Fixed Rate Notes due
     2028, Assigned (P)Aa2 (sf)

  -- EUR23,500,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2028, Assigned (P)A2 (sf)

  -- EUR20,500,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2028, Assigned (P)Baa2 (sf)

  -- EUR30,500,000 Class E Senior Secured Deferrable Floating
     Rate Notes due 2028, Assigned (P)Ba2 (sf)

  -- EUR11,700,000 Class F Senior Secured Deferrable Floating
      Rate Notes due 2028, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2028. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Oak Hill Advisors
(Europe), LLP ("Oak Hill Advisors "), has sufficient experience
and operational capacity and is capable of managing this CLO.

Oak Hill European Credit Partners III Limited is a managed cash
flow CLO. At least 90% of the portfolio must consist of senior
secured obligations and up to 10% of the portfolio may consist of
senior unsecured obligations, second-lien loans, mezzanine
obligations and high yield bonds. The portfolio is expected to be
60% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the six month ramp-up period in compliance with the portfolio
guidelines.

Oak Hill Advisors will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk obligations or credit improved
obligations, and are subject to certain restrictions.

In addition to the nine classes of notes rated by Moody's, the
Issuer will issue EUR 48,000,000 of subordinated notes which will
not be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.

Moody's used the following base-case modeling assumptions:

- Par Amount: EUR 400,000,000

- Diversity Score: 35

- Weighted Average Rating Factor (WARF): 2750

- Weighted Average Spread (WAS): 4.10%

- Weighted Average Coupon (WAC): 5.00%

- Weighted Average Recovery Rate (WARR): 40.00%

- Weighted Average Life (WAL): 8 years.

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)

Ratings Impact in Rating Notches:

- Class A-1 Senior Secured Floating Rate Notes: 0

- Class A-2 Senior Secured Fixed Rate Notes: 0

- Class A-3 Senior Secured Fixed/Floating Rate Notes: 0

- Class B-1 Senior Secured Floating Rate Notes: -2

- Class B-2 Senior Secured Fixed Rate Notes: -2

- Class C Senior Secured Deferrable Floating Rate Notes: -2

- Class D Senior Secured Deferrable Floating Rate Notes: -2

- Class E Senior Secured Deferrable Floating Rate Notes: -1

- Class F Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

- Class A-1 Senior Secured Floating Rate Notes: -1

- Class A-2 Senior Secured Fixed Rate Notes: -1

- Class A-3 Senior Secured Fixed/Floating Rate Notes: -1

- Class B-1 Senior Secured Floating Rate Notes: -3

- Class B-2 Senior Secured Fixed Rate Notes: -3

- Class C Senior Secured Deferrable Floating Rate Notes: -4

- Class D Senior Secured Deferrable Floating Rate Notes: -2

- Class E Senior Secured Deferrable Floating Rate Notes: -2

- Class F Senior Secured Deferrable Floating Rate Notes: -3

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Oak Hill Advisors's investment
decisions and management of the transaction will also affect the
notes' performance.


PATERNOSTER HOLDING: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Paternoster Holding III GmbH (Pater
III), the parent company of Germany-based component manufacturer
Wittur International Holding GmbH (Wittur).  The outlook is
stable.

At the same time, S&P assigned its 'B' issue rating to the EUR260
million senior secured facilities (comprising a EUR65 million
revolving credit facility [RCF] and a EUR195 million term loan),
in line with S&P's corporate credit rating.  The facilities are
issued by Paternoster Holding IV GmbH (Pater IV), an intermediate
holding company between Pater III and Wittur.  The recovery
rating on these facilities is '3', indicating S&P's expectation
of meaningful recovery prospects in the higher half of the 50%-
70% range.

S&P also assigned its 'CCC+' issue rating to the EUR225 million
senior notes due in 2023 and issued by Pater III, two notches
below the corporate credit rating.  The recovery rating on these
notes is '6', reflecting their unsecured status and subordination
to the senior secured debt facilities.

The ratings on Pater III incorporate these finalized transaction
details:

   -- Funds advised and managed by the private equity firm Bain
      Capital have acquired 100% of Wittur's share capital for
      approximately EUR620 million, including repayment of
      exiting net debt and fees and expenses.  The transaction
      closed at the end of March 2015.

   -- Pater IV issued the EUR195 million seven-year floating-rate
      senior secured loan and the EUR65 million six-year RCF.

   -- Pater III issued the EUR225 million eight-year fixed-rate
      senior notes.

S&P bases its analysis on the credit metrics of Wittur, given
that it is the group's main operating entity.  The ratings
reflect S&P's view of Wittur's business risk profile as "weak"
and its financial risk profile as "highly leveraged," as S&P's
criteria define these terms.

S&P's assessment of Wittur's business risk profile reflects its
positioning in a fragmented niche industry in the capital goods
sector, as well as its limited product diversification and strong
customer concentration.  S&P's assessment is constrained by
Wittur's relatively small scale.  Still, S&P views positively the
company's strong market positions in its niche business line, its
good reputation, the growth potential of its end markets, and the
strength and longstanding nature of its customer relations.  The
business risk profile is also supported by the company's
international manufacturing footprint and management's focus on
cost optimization.

S&P's assessment of Wittur's financial risk profile reflects
S&P's expectation that the company's adjusted gross debt-to-
EBITDA ratio will exceed 6x in 2015 and be slightly below 6x in
2016.  At year-end 2015, S&P estimates that Pater III's adjusted
debt will be about EUR475 million.  This comprises the EUR420
million new debt to be issued at the leveraged buyout's closing,
a pension deficit of about EUR9 million, operating leases of
about EUR5 million, and vendor financing structured as a deferred
consideration of about EUR40 million.  S&P treats the vendor
loans as debt because they do not meet its criteria for equity
treatment.

The stable outlook reflects Wittur's strong niche market position
in an industry with favorable growth prospects.  S&P also expects
that Wittur will improve its EBITDA margin over the next few
years.  Under S&P's base case, it assumes that debt to EBITDA
will improve to less than 6x by year-end 2016.  In addition, S&P
projects that the FFO and EBITDA cash interest coverage ratios
will remain above 2x and that Wittur will continue to generate
positive FOCF.

S&P could raise the ratings if Wittur's debt to EBITDA fell below
5x, although S&P thinks this is highly unlikely in the short
term.

S&P could lower the ratings if Wittur's liquidity weakened
following a sudden drop in demand from one of its main customers,
or if it had reputational or quality problems.  S&P could also
consider a downgrade if Wittur's operating performance
deteriorated, leading to an increase in adjusted debt to EBITDA
to above 7x without near-term prospects of reduction.  A
downgrade could also result from Wittur's inability to maintain
FFO and EBITDA cash interest coverage ratios above 2x or if FOCF
was to turn negative.


TALISMAN-7 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D(sf)' from
'CC(sf)' its credit ratings on Talisman-7 Finance Ltd.'s class I
and J notes.

The downgrades reflect the issuer's application of principal
amount outstanding (PAO) reduction amounts to the class I and J
notes following the resolution of the Handel and Hoff loans.  The
Handel loan repaid at a loss of EUR10.3 million and the Hoff loan
at EUR0.5 million.

On the January 2015 interest payment date (IPD), the issuer
applied a total of EUR10.8 million in PAO reduction amounts to
the class I and J notes.  In this transaction, PAO reduction
amounts accrue on the PAO deficiency ledger and interest does not
accrue on the portion of the notes subject to a PAO reduction
amount.

S&P's ratings in Talisman-7 Finance address the timely payment of
interest and the payment of principal by the legal final maturity
date in April 2017.

Due to the PAO reduction amounts, on the April 2015 IPD, the
class I and J notes experienced an interest shortfall not covered
by the available funds cap.  In S&P's view, they will likely
continue to experience shortfalls on future IPDs and will
experience a principal loss at legal final maturity.  As a
result, S&P has lowered to 'D (sf)' from 'CC (sf)' its ratings on
the class I and J notes, in line with S&P's relevant criteria.

Talisman-7 Finance is a 2007-vintage securitization with six
remaining loans that are secured on German commercial properties.

RATINGS LIST

Talisman-7 Finance Ltd.
EUR1.826 bil commercial mortgage-backed floating-rate notes

                                       Rating        Rating
Class             Identifier           To            From
I                 XS0304913436         D (sf)        CC (sf)
J                 XS0304913949         D (sf)        CC (sf)


TAURUS 2015-2: Moody's Rates EUR74.1MM Class E Notes 'Ba2'
----------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to the debt issuance of Taurus 2015-2 DEU Limited:

  -- EUR153M A Notes, Definitive Rating Assigned Aaa (sf)

  -- EUR61.2M B Notes, Definitive Rating Assigned Aa2 (sf)

  -- EUR61.2M C Notes, Definitive Rating Assigned A3 (sf)

  -- EUR55.7M D Notes, Definitive Rating Assigned Baa3 (sf)

  -- EUR74.1M E Notes, Definitive Rating Assigned Ba2 (sf)

  -- EUR39.8M F Notes, Definitive Rating Assigned B2 (sf)

Moody's has not assigned definitive ratings to the Class X Notes
of the Issuer.

Taurus 2015-2 DEU Limited is a true sale transaction backed by a
single loan, secured over a large mixed use office and hotel
asset connected to Frankfurt International Airport Terminal 1.
The loan was granted by Bank of America Merrill Lynch
International to refinance existing debt.

The rating actions are based on (i) Moody's assessment of the
real estate quality and characteristics of the collateral, (ii)
analysis of the loan terms and (iii) the legal and structural
features of the transaction.

The key parameters in Moody's analysis are the default
probability of the securitized loan (both during the term and at
maturity) as well as Moody's value assessment of the collateral.
Moody's derives from these parameters a loss expectation for the
securitized loan.

In Moody's view the key strengths of the transaction include (i)
the quality of the collateral consisting of a highly modern
office and hotel complex, (ii) strong tenant covenants and (iii)
two well performing Hilton hotels that benefit from direct
connection to the airport terminal.

Challenges in the transaction include (i) the non-traditional
office location likely only attracting tenants who want to be in
close proximity to the airport, (ii) exposure to hotel operating
performance, which is more volatile than other property types
(iii) concentrated tenant exposures and (iv) a high loan leverage
compared to other loans in CMBS 2.0 transactions, (v) the
borrower not being a newly established special purpose entity.

Moody's day-1 loan to value ratio (LTV) is 80.3% at the cut-off.
Despite some amortization during the loan term, Moody's LTV at
loan maturity is 83.9% due to a lower value attached to the
office portion of the building resulting from the shorter
remaining lease term of the largest tenants, especially KPMG.

The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.

Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.

Parameter Sensitivities for the typical EMEA Single Borrower
securitization are calculated by stressing key variable inputs in
Moody's primary rating model. Moody's principal portfolio model
inputs are Moody's loan default probability (Moody's DP) and
Moody's modelling value (Moody's Model Value). In the Parameter
Sensitivity analysis, we assumed the following stressed
scenarios: Moody's Model Value decreased by -20% and -40% and
Moody's DP increased by 50% and 100%. The parameter sensitivity
outcome ranges from 0 to 4 notches for Class A, 1 to 9 notches
for Class B, 2 to 9 notches for Class C, 1 to 8 notches on Class
D, 2 to 7 notches for Class E and 1 to 4 notches for Class F.

Main factors or circumstances that could lead to a downgrade of
the ratings are (i) a decline in the property value backing the
underlying loan, (ii) an increase in the default probability
driven by declining loan performance or increase in refinancing
risk, or (iii) an increase in the risk to the notes stemming from
transaction counterparty exposure (most notably the account bank,
the liquidity facility provider or borrower hedging
counterparties).

Main factors or circumstances that could lead to an upgrade of
the ratings are generally (i) an increase in the property values
backing the underlying loan, or (ii) a decrease in the default
probability driven by improving loan performance or decrease in
refinancing risk.

The rating for the Notes addresses the expected loss posed to
investors by the legal final maturity. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on, or before, the final legal
maturity date. Moody's ratings address only the credit risks
associated with the transaction; other non-credit risks have not
been addressed but may have significant effect on yield to
investors. Moody's ratings do not address the payment of any AFC
Payment or any Default Interest Amount defined in the Offering
Circular.


TAURUS 2015-2: S&P Assigns 'B' Rating to Class F Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned credit ratings to
Taurus 2015-2 DEU Ltd.'s class A to F notes.  At closing, Taurus
2015-2 DEU also issued unrated class X notes.

The notes are secured on a German commercial mortgage loan that
Bank of America Merrill Lynch International Ltd. (BAML)
originated in December 2014.

The loan facilitated the refinancing, by IVG Immobilien, of one
of Germany's largest office buildings, THE SQUAIRE, located
adjacent to Frankfurt Airport.  The loan-to-value (LTV) ratio at
closing was 72.7%.  The loan amortizes by 5.0% over its term.
Its event of default covenants are triggered at an 80.0% LTV
ratio, or a 1.20x debt service coverage ratio (DSCR).  A 1.30x
DSCR would trigger a mandatory cash trap.

S&P considers that the asset can sustain net cash flows of
EUR32.0 million in a 'B' (or "expected case") rating scenario.
This would imply an initial interest coverage ratio of about
2.3x.  S&P's net recovery value for the asset is about EUR492
million, representing a 24% haircut (discount) to the open market
valuation.

S&P evaluated the underlying real estate collateral securing the
loan in order to generate this expected case value.  S&P's
analysis focused on sustainable property cash flows and
capitalization rates.  S&P assumed that a real estate workout
would be required throughout the six-year tail period needed to
repay noteholders if the borrower were to default.  The tail
period is the period between the maturity date of the loan and
the transaction's final maturity date.  S&P then determined the
recovery proceeds for the loan by applying a recovery proceeds
rate at each rating category.  This analysis begins with the
adoption of base market value declines and recovery rate
assumptions for different rating levels.  At each rating
category, S&P adjusted the base recovery rates to reflect
specific property, loan, and transaction characteristics.

S&P compared the derived recovery proceeds with the proposed
capital structure.  Following S&P's credit analysis it considers
the available credit enhancement for each class of notes to be
commensurate with the ratings that S&P has assigned to the notes.

RATINGS LIST

Ratings Assigned

Taurus 2015-2 DEU Ltd.
EUR445.2 Million Commercial Mortgage-Backed Floating-Rate Notes

Class        Rating            Amount
                             (mil. EUR)

A            AAA (sf)           153.0
X            NR                   0.2
B            AA (sf)             61.2
C            A (sf)              61.2
D            BBB (sf)            55.7
E            BB- (sf)            74.1
F            B (sf)              39.8

NR--Not rated.


XELLA INT'L: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Germany-based building products
manufacturer Xella International S.A. (Xella).  The outlook is
stable.

S&P assigned its 'B+' issue rating to the proposed EUR215 million
senior secured term loan G to be issued under the existing senior
facilities agreement.  S&P assigned a recovery rating of '3' to
this facility, indicating its expectation of meaningful (50%-70%)
recovery in the event of a payment default.  S&P expects recovery
prospects to be in the higher half of the range.

At the same time, S&P lowered its issue rating on the existing
EUR325 million senior secured notes issued by special-purpose
vehicle Xefin Lux S.C.A. to 'B+' from 'BB-', as S&P revised its
recovery rating on Facility D2, whose terms are back-to-back with
the notes, downward to '3' from '2'.

The affirmation follows the group's announcement that it is
seeking to roll over various tranches of existing term loans into
a new EUR318 million term loan and EUR75 million revolving credit
facility (RCF). Both these facilities will have a bullet maturity
in December 2018.  Additionally, the group proposes to issue a
EUR215 million term loan G, maturing in March 2019, to refinance
its payment-in-kind (PIK) toggle notes.

In S&P's base case, it assumes that the group will be able to
complete the proposed transaction, based on S&P's assessment of
its sound relationship with its lenders, relatively good credit
standing, and its demonstrated track record of being able to
reduce senior debt.  If the proposed transaction does not
complete, S&P will review the rating on Xella, with a focus on
its qualitative assessment of the group's liquidity position.

S&P considers that postponement of debt maturities through this
proposed amendment will provide additional financial flexibility
to Xella over next two years.  Excluding one-off costs relating
to the group's implementation of its lean management program, S&P
anticipates broadly flat credit metrics.  However, S&P expects a
dip in funds from operations (FFO) cash interest coverage as cash
interest costs increase due to the new EUR215 million term loan.

For financial-year 2014 (ended Dec. 31), the group's actual 1%
revenue growth was weaker than S&P's base-case expectation of 5%,
because of weaknesses in southwestern Europe and Russia.  S&P
expects that some of these regions will continue to struggle in
2015.

Xella is Europe's leading producer of autoclaved aerated concrete
and calcium silicate units.  The company has good diversification
across a variety of product lines and, to a lesser extent, end
markets.  S&P also considers the low volatility in the group's
profitability over past seven years as a key rating factor.  That
said, Xella operates in a highly cyclical industry owing to its
high exposure to new construction markets that can exhibit
volatile demand.  Xella also has sizable exposure to energy
prices and commodity price fluctuations, which put pressure on
the company's profitability.  S&P assess its business risk
profile as "satisfactory."

S&P's base case assumes:

   -- GDP growth of 2.2% for Germany and 1.5% for the eurozone in
      2015.

   -- Revenue growth of about 1%-3% in 2015, largely supported by
      growth in Germany, the Czech Republic, The Netherlands, and
      the U.K.

   -- Stable EBITDA margins, before incorporating any impact of
      one-off costs.

   -- One-off costs of about EUR45 million in 2015 and EUR10
      million in 2016, which S&P deducts from S&P's EBITDA
      calculation in line with its criteria.  These costs relate
       to the implementation of a lean management program.

   -- Capital expenditure (capex) of about EUR100 million for
      2015 (including expansionary and one-off capex of about
      EUR50 million)

Based on these assumptions, S&P arrives at these credit measures:

   -- Standard & Poor's-adjusted debt to EBITDA of about 12x in
      2015 (6x excluding the shareholder loan) and 9.3x in 2016
      (5x excluding the shareholder loan);

   -- FFO to debt of about 2% (8% excluding the shareholder
      loan); and

   -- FFO cash interest coverage of 3x-4x.

On the basis of the proposed capital structure, S&P assess
Xella's liquidity as "adequate," as S&P's criteria define this
term.

Xella's liquidity sources for 2015 comprise:

   -- Cash on the balance sheet of EUR123 million;

   -- EUR54 million available under a EUR75 million committed RCF
      as of Dec. 31, 2014, which matures in December 2018;

   -- S&P's forecast of unadjusted FFO of about EUR110 million;
      and

   -- Cash of about EUR215 million from the new debt tranche.

S&P calculates Xella's uses of liquidity for 2015 as:

   -- EUR215 million for the repayment of the PIK toggle note
      (including transaction costs);

   -- Working capital outflow of about EUR90 million, including
      EUR70 million of seasonal swings, which S&P anticipates
      will have reversed by the end of the year; and

   -- Net capex of about EUR100 million.

Xella will have additional financial flexibility over next two
years under the amended facility, with no debt amortization and
covenant headroom of about 20%.  But S&P anticipates higher
refinancing risk in 2018, when about EUR600 million of debt
(including the RCF) matures between December 2018 and March 2019.

While S&P forecasts headroom to reduce below 15% under the
current set of covenants, it also acknowledges that the company
has demonstrated a track record of prudent risk management by
addressing potential liquidity challenges well in advance, as it
is doing currently.  Nevertheless, if the proposed amendment does
not complete as envisaged, then S&P will reassess its view on the
group's liquidity.

The stable outlook reflects S&P's view of Xella's good market
position and its track record of maintaining low volatility in
its absolute profitability, which will continue to support the
group's cash flows.  The outlook also reflects S&P's forecast
that Xella will maintain FFO interest coverage of above 3x over
the next 18 months.

S&P could consider lowering the rating if it sees a deterioration
in the group's credit metrics, including FFO cash interest
coverage falling below 3x.  This could result from depressed end
markets and pricing pressure or the incurrence of additional
cash-interest paying debts to replace existing PIK shareholder
loan instruments.  Additionally, a downgrade could result if the
group's liquidity deteriorates; for example, a proposed loan
extension doesn't go through and covenant headroom is below 10%
for sustained period.

Although unlikely in the near term, S&P could consider raising
the ratings as a result of significant deleveraging, which could
materialize if, for example, the company went ahead with a stock
market listing.



===========
G R E E C E
===========


ATHENS: Moody's Lowers Issuer Rating to Caa2, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service EMEA Limited downgraded the issuer
rating of the City of Athens to Caa2 from Caa1. The rating action
concludes the review for downgrade initiated on Feb. 9, 2015. The
rating outlook is negative.

The rating action follows Moody's downgrade of Greece's
government bond rating to Caa2 (negative outlook) from Caa1
(review for downgrade) on April 29, 2015.

Moody's rating action on the City of Athens reflects the rating
agency's assessment of the increase in systemic risk driven by
(1) the high and rising uncertainty over whether Greece's
government will reach agreement with official creditors in time
to meet upcoming repayments on marketable debt, and (2) the
significant implementation risks of a medium-term financing
program.

The downgrade of the rating on the City of Athens reflects its
close operational and financial linkages with the Greek
government and the lack of special status, which prevents the
city from being rated above the sovereign. Municipalities in
Greece, including the City of Athens, cannot act independently
from the sovereign and do not have enough financial flexibility
to permit their credit quality to be stronger than that of the
sovereign.

In addition, institutional linkages intensify the close ties
between the two levels of government through the sovereign's
ability to change the institutional framework under which Greek
municipalities operate.

Although Athens has good autonomy in management, Moody's notes
that the city is highly reliant on central government transfers
for operations and capital investments, and has a high level of
integration of its local economic base with that of the national
economy. City of Athens derives around 40% of its operating
revenues from central government transfers (second largest source
of income) and capital investments are almost entirely funded by
government grants and EU funds.

The negative outlook on the rating of the City of Athens mirrors
the negative outlook on the sovereign government bond rating.

Given the negative outlook assigned to the sovereign bond rating,
an upgrade of the rating is unlikely.

Further deterioration in the sovereign's credit quality
accompanied by the deterioration in its credit profile will exert
downward pressure on the City of Athens' rating. In addition, the
Greek government recently issued an emergency decree requiring
public sector bodies to transfer their cash reserves to the
central bank. Moody's will monitor the impact of this measure on
Athens' liquidity position.

The sovereign action required the publication of this credit
rating action on a date that deviates from the previously
scheduled release date in the sovereign release calendar.

The specific economic indicators, as required by EU regulation,
are not available for Athens, City of. The following national
economic indicators are relevant to the sovereign rating, which
was used as an input to this credit rating action.

Sovereign Issuer: Greece, Government of

  -- GDP per capita (PPP basis, US$): 25,859 (2014 Actual) (also
     known as Per Capita Income)

  -- Real GDP growth (% change): 0.8% (2014 Actual) (also known
     as GDP Growth)

  -- Inflation Rate (CPI, % change Dec/Dec): -2.6% (2014 Actual)

  -- Gen. Gov. Financial Balance/GDP: -3.5% (2014 Actual) (also
     known as Fiscal Balance)

  -- Current Account Balance/GDP: 0.9% (2014 Actual) (also known
     as External Balance)

  -- External debt/GDP: [not available]

  -- Level of economic development: Low level of economic
     resilience

  -- Default history: At least one default event (on bonds and/or
     loans) has been recorded since 1983.

On April 29, 2015, a rating committee was called to discuss the
rating of the Athens, City of. The main points raised during the
discussion were: The systemic risk in which the issuer operates
has materially increased.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


GREECE: No Bailout Deal Yet; Spain, Portugal Can Withstand Grexit
-----------------------------------------------------------------
Nikos Chrysoloras, Jeff Black and Marcus Bensasson at Bloomberg
News report that Greece is still far from an agreement with its
international creditors as Prime Minister Alexis Tsipras tries to
persuade officials to ease the flow of liquidity to the country.

According to Bloomberg, three people familiar with the talks said
three days before the European Central Bank's next decision on
emergency aid, gaps remain on issues ranging from fiscal
forecasts to labor and pension reforms.  The officials, as cited
by Bloomberg, said still, progress has been made in an improved
atmosphere and Greece should have the cash to make a 200-million-
euro ($223 million) payment to the International Monetary Fund
this week.

"We believe our red lines are for the benefit of the economy and
society," Bloomberg quotes Greek government spokesman Gabriel
Sakellaridis told reporters in Athens on May 3.  Mr. Sakellaridis
said progress in talks should be accompanied by easier liquidity
terms as no reforms can be done under a cash crunch, Bloomberg
relates.

The fiscal noose is tightening on Greece after weeks of
brinkmanship and Prime Minister Alexis Tsipras needs to show
European officials that he's willing to find a compromise,
Bloomberg notes.  Failure to do so could prompt the ECB to raise
the haircut it demands on Greek collateral as soon as May 6, a
decision which would risk pushing the country further toward
financial chaos and capital controls, Bloomberg states.

A Greek official earlier said the government is targeting a
successful conclusion of this stage of talks by Wednesday, May 6,
which the country hopes will be enough for the ECB to relax,
rather than tighten, liquidity conditions, Bloomberg relays.

According to Bloomberg, Mr. Sakellaridis said beyond that, Greece
wants to reach a broader agreement with creditors this month.
International officials stressed there's a long way to go,
despite the recent progress, Bloomberg notes.

                          Greek Exit

According to The Wall Street Journal's Simon Nixon, if anyone was
going to blink over Greece, one might think it would be Spain or
Portugal -- the two countries widely considered most at risk if
Greece leaves the eurozone.

Goldman Sachs warned in an eye-catching report last week that if
Greece does exit the euro, Spain's borrowing costs could rise to
four percentage points above Germany's, compared with a spread of
one percentage point now.

Greece has largely based its brinkmanship is based on an
assumption that the eurozone will ultimately capitulate to its
demands to prevent chaos spreading across the currency bloc, The
Journal notes.

Yet it is striking that Spain and Portugal aren't clamoring for a
eurozone capitulation but are among the hardest of hard-liners in
demanding Greece respect the conditions of its loan agreements,
The Journal states.  This isn't just a negotiating tactic, The
Journal says.  Publicly, Madrid and Lisbon say they hope Greece
will remain in the eurozone, but senior figures in Madrid and
Lisbon are privately clear that they believe it would be better
for Greece to leave than to risk the chaos of tearing up eurozone
rules, The Journal relays.

Of course, this partly reflects domestic politics: Madrid and
Lisbon are acutely aware that conceding too much to Athens would
embolden their own radical leftist opposition, according to The
Journal.  But it also reflects a growing confidence that the
Spanish and Portuguese economies -- thanks to their own efforts
and those of the eurozone -- are now resilient enough to withstand
the shock, The Journal notes.

True, both the Spanish and Portuguese economies still suffer from
significant vulnerabilities, The Journal states.

Although Spain is now running a small current-account surplus,
which means it is no longer adding to this stock of foreign
liabilities, the country remains vulnerable to a sudden change in
investor sentiment, according to The Journal.

Portugal, The Journal says, also has a stock of debt problem, in
this case the very high level of outstanding private-sector
borrowing, which remains a drag on growth.


GREECE: Moody's Says Euro Exit Should Not Be Underestimated
-----------------------------------------------------------
The direct economic and financial impact of a Greek exit from the
euro area would be small, but an exit would undermine the euro
area's longer-term resilience somewhat and could yet trigger a
more immediate confidence shock, disrupting government debt
markets, Moody's Investors Service says in a report.

The report, entitled "Greek Euro Area Exit Might Be Manageable,
But Risks Should Not Be Underestimated", is available through the
links at the end of this press release.

Moody's expects Greece (Caa2, Negative Outlook) to reach an
agreement with its creditors and avoid default. However, lack of
progress so far means the probability of a default, and of exit,
is rising.

"The impact of a Greek exit should not be underestimated," says
Alastair Wilson, Managing Director -- Global Sovereign Risk. "The
direct impact might be limited because of Greece's limited trade
links and lower financial market exposure to Greece in other euro
area countries. But exit could nevertheless cause a confidence
shock and disrupt government debt markets."

The report notes that neither the Greek government nor the
electorate appear to view exit as desirable. The euro area
authorities also have an incentive to avoid a Greek exit because
it would set a significant precedent and crystallize losses to
euro area authorities from loans to Greece.

Default would not necessarily lead to Greece's exit from the euro
area. The chain of events that could lead to exit is difficult to
predict. Moody's would expect negotiations to continue for a
period. However, should exit occur, it would set a significant
precedent, undermining the resilience of a currency union that
was designed to be irreversible.

"Greece leaving the euro area would offer an example that might
be followed in future," Mr. Wilson adds. "That would inevitably
influence the course of future reform and fiscal consolidation
programs. It would raise, even if only a little, the likelihood
that they too could end in default and exit."

A more immediate threat could be a shock to confidence that
damaged the functioning of euro area government bond markets. The
risk of that happening is lower than in 2012, in part because the
euro area financial system and economy are in a stronger position
than three years ago. Policymakers' response to exit would
determine the extent of any contagion, the report says.

Should such a confidence shock occur, it would be particularly
negative for periphery countries with high and rising debt
burdens and ongoing fiscal consolidation challenges.


OLYMPIC AIRLINES: Insolvency Affects Pension Scheme Benefits
------------------------------------------------------------
Robert Crawford at Employee Benefits reports that the Supreme
Court has ruled that Olympic Airlines is unable to enter the
Pension Protection Fund (PPF) because it did not have an
establishment in the UK during its insolvency proceedings.

The case, Trustees of the Olympic Airlines SA Pension and Life
Assurance Scheme (Appellants) v Olympic Airlines, relates to the
airline's insolvency in 2009, Employee Benefits discloses.  It
entered insolvency in Greece and despite having UK-based
operations and a UK defined benefit (DB) pension scheme, it did
not have a subsidiary firm in the UK, Employee Benefits recounts.

The organization first wound up by a court in Athens, Greece, on
October 2, 2009  at which time Olympic Airlines was considered
unlikely to make good on its pensions deficit, Employee Benefits
relays.

However, members of the scheme were eligible for compensation,
payable from the date on which a qualifying insolvency event
occurred, Employee Benefits states.

There were two possible dates for this to occur: July 20, 2010,
when the trustees of the pension scheme presented winding-up
petitions in the UK, and on October 2, 2014, on the fifth
anniversary of the start of the main liquidation proceedings in
Greece, Employee Benefits discloses.

Under European insolvency regulations, EU member states can start
secondary proceedings if there is a debt owed to a resident of
that state, Employee Benefits notes.

By July 20, Olympic Airlines had closed all its UK offices and
was not carrying our any business activity, so it was ruled it
did not have an establishment in the UK at that point meaning
members of its pension scheme could not secure benefits from the
PPF, Employee Benefits relays.

According to Employee Benefits, although regulations became law
in April 2014 to make amendments that would permit the scheme to
enter the PPF, these were not broad enough to catch any other
schemes and took effect five years after the start of the
insolvency.

Olympic Airlines, formerly named Olympic Airways for at least
four decades, was the flag carrier airline of Greece with their
head office in Athens.  They operated services to 37 domestic
destinations and to 32 destinations world-wide.


PIRAEUS BANK: Moody's Cuts Long-Term Deposit Ratings to Caa3
------------------------------------------------------------
Moody's Investors Service downgraded to Caa3 from Caa2 the long-
term deposit and senior debt ratings of three Greek banks:
Piraeus Bank S.A., National Bank of Greece S.A., Alpha Bank AE.
At the same time, the rating agency confirmed the Caa3 long-term
deposit and senior debt ratings of Eurobank Ergasias S.A. and
Attica Bank S.A.. All banks' long-term deposit and senior debt
ratings carry negative outlooks.

The rating action is primarily driven by the continued
deterioration in the banks' funding and liquidity, including
sustained deposit outflows and the increased risk of capital
controls. Additionally, the rating action also takes into account
(1) the weakening operating environment, which will aggravate
asset quality pressures and constrain banks' earnings generating
capacity, and (2) the high proportion of deferred tax assets
(DTAs) and Greek sovereign exposures that undermine the banks'
capital and solvency. The bank rating action follows the
deterioration of the Greek government's credit profile, as
reflected by the downgrade of Greece's sovereign rating to Caa2
(negative) from Caa1 and the lowering of its deposit ceiling to
Caa3 from Caa1.

This rating action concludes the review for downgrade initiated
on Greek bank ratings in February 2015.

Deterioration in the Banks' Funding and Liquidity:

The primary driver of the action to position all the Greek banks'
deposit and debt ratings at Caa3, with negative outlook, is the
system-wide weakening of funding and liquidity, owing to both
significant private-sector deposit outflows, which Moody's
estimates at around EUR32 billion since early December 2014, and
international banks' reduced appetite to engage in repo
transactions with Greek banks. As a result, the rating agency
estimates that Greek banks' dependence on Eurosystem funding,
both in the form of European Central Bank (ECB) funding and
higher-cost emergency liquidity assistance (ELA) from the Bank of
Greece, has increased to more than EUR110 billion, representing
approximately 31% of the system's total assets.

Moody's also acknowledges the risk of a possible revision by the
ECB of the haircuts imposed on collateral posted by Greek banks
for ELA purposes, elevating the downside funding risks. Although
the rating agency estimates the banks' current ELA collateral
buffer at around EUR40 billion, representing around 30% of
remaining deposits, the availability of ELA remains contingent on
ECB's governing council approval, rendering the banks' liquidity
susceptible to government-related developments.

In the context of the above developments, Moody's considers that
the risk of capital controls to stem any additional deposit
outflows has increased. This risk is also captured by the
revision of Greece's deposit ceiling to Caa3 from Caa1. Any
restriction on depositor withdraws would be treated as a deposit
default. Moody's believes that this heightened risk is captured
by the uniform positioning of all Greek banks' deposit ratings at
Caa3 (negative).

Weakening Operating Conditions Will Affect Asset Quality and
Earnings Generation:

The rating action also takes into account the expected
deterioration of the banks' asset quality and earnings, owing to
weakening economic conditions. Moody's expects GDP growth to slow
to 0.5% in 2015, compared to 2.9% that was originally envisaged
for 2015 in the country's support program and 0.7% achieved in
2014. The rating agency also notes that the new government has
been promoting borrower-friendly measures to alleviate the debt
burden on low-income and vulnerable debtors, including proposing
legislation to protect primary residences from foreclosures. As a
result of these developments, Moody's expects non-performing
loans (NPLs) to increase in 2015, from the already very high
level of 34.2% of gross loans reported for the system as of
December 2014, triggering additional loan loss provisions.

These higher loan loss provisions, in conjunction with the
dampening effect of weaker economic expansion on credit growth
and revenues, will likely reverse the improving quarterly trend
in the banks' pre-provision income (PPI) recorded in 2014.

Capital Is Undermined By High DTAs and Sovereign Exposure:

The rating action also incorporates the relatively weak quality
of Greek banks' capital, which is undermined by the high level of
deferred tax assets (DTAs) and Greek sovereign exposures.

DTAs, which mainly relate to banks' loan losses and the
government securities debt exchange losses in 2012, comprise on
average a relatively high 55% of the banking system's common
equity Tier 1 (CET1) capital. In addition, the banking system's
overall sovereign exposure mainly through treasury bills (T-
bills) and other sovereign-related securities and loans accounted
for around 80% of CET1 capital as of December 2014.

Both the sovereign exposures and the DTAs dilute the banks'
capital quality and their loss-absorption capacity, and could
also raise questions with regards to their solvency as viewed by
the ECB for ELA purposes. These considerations outweigh the Greek
banks' recapitalization in 2013-14 and estimated average CET1
capital ratio of 13.7% for the system as of December 2014.

The negative outlooks on Greek banks' ratings signal their
limited upside potential.

Should the imposition of capital controls become inevitable, or
have occurred, or access to central bank funding is restricted,
Moody's would further downgrade the banks' baseline credit
assessment (BCA) to ca. In that case, the debt and deposit
ratings would be positioned at levels that capture the likelihood
of default and recovery rates for the relevant creditor classes.

In addition, the ratings could be downgraded if the rating agency
considers that potential asset-quality deterioration will consume
significant capital, further compromising the banks' solvency.

Issuer: Alpha Bank AE

  -- Baseline Credit Assessment, Downgraded to caa3 from caa2

  -- Adjusted Baseline Credit Assessment, Downgraded to caa3 from
     caa2

  -- Long-term Bank Deposit Ratings, Downgraded to Caa3 Negative
     from Caa2 Rating Under Review for Downgrade

  -- Short-term Bank Deposit Ratings, Affirmed NP

  -- Senior Unsecured Medium-Term Note Program, Downgraded to
     (P)Caa3 from (P)Caa2

  -- Backed Senior Unsecured Medium-Term Note Program, Downgraded
     to (P)Caa3 from (P)Caa2

  -- Subordinated Medium-Term Note Program, Downgraded to (P)Ca
     from (P)Caa3

  -- Short-term Medium-Term Note Program, Affirmed (P)NP

  -- Outlook, Negative

Issuer: Alpha Credit Group plc

  -- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
     to Caa3 Negative from Caa2 Rating Under Review for Downgrade

  -- Backed Subordinated Regular Bond/Debenture, Downgraded to Ca
     from Caa3 Rating Under Review for Downgrade

  -- Backed Senior Unsecured Medium-Term Note Program, Downgraded
     to (P)Caa3 from (P)Caa2

  -- Backed Subordinated Medium-Term Note Program, Downgraded to
     (P)Ca from (P)Caa3

  -- Backed Short-term Medium-Term Note Program, Affirmed (P)NP

  -- Backed Short-term Commercial Paper, Affirmed NP

  -- Outlook, Negative

Issuer: Alpha Group Jersey Limited

  -- Backed Senior Unsecured Medium-Term Note Program, Downgraded
     to (P)Caa3 from (P)Caa2

  -- Backed Subordinated Medium-Term Note Program, Downgraded to
     (P)Ca from (P)Caa3

  -- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)

  -- Outlook, Negative

Issuer: Emporiki Group Finance Plc

  -- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
     to Caa3 Negative from Caa2 Rating Under Review for Downgrade

  -- Outlook, Negative

Issuer: Attica Bank S.A.

  -- Baseline Credit Assessment,Confirmed at caa3

  -- Adjusted Baseline Credit Assessment, Confirmed at caa3

  -- Long-term Bank Deposit Ratings, Confirmed at Caa3 Negative

  -- Short-term Bank Deposit Ratings, Affirmed NP

  -- Outlook, Negative

Issuer: Eurobank Ergasias S.A.

  -- Baseline Credit Assessment, Confirmed at caa3

  -- Adjusted Baseline Credit Assessment, Confirmed at caa3

  -- Long-term Bank Deposit Ratings, Confirmed at Caa3 Negative

  -- Short-term Bank Deposit Ratings, Affirmed NP

  -- Backed Senior Unsecured Medium-Term Note Program, Confirmed
     at (P)Caa3

  -- Senior Unsecured Medium-Term Note Program, Confirmed at
     (P)Caa3

  -- Subordinated Medium-Term Note Program, Confirmed at (P)Ca

  -- Backed Short-term Medium-Term Note Program, Affirmed (P)NP

  -- Short-term Medium-Term Note Program, Affirmed (P)NP

  -- Outlook, Negative

Issuer: ERB Hellas (Cayman Islands) Limited

  -- Backed Senior Unsecured Medium-Term Note Program, Confirmed
     at (P)Caa3

  -- Backed Subordinated Medium-Term Note Program, Confirmed at
     (P)Ca

  -- Backed Senior Unsecured Regular Bond/Debenture, Confirmed at
     Caa3 Negative

  -- Backed Short-term Medium-Term Note Program, Affirmed (P)NP

  -- Outlook, Negative

Issuer: ERB Hellas Funding Limited

  -- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)

  -- Outlook, Negative

Issuer: ERB Hellas PLC

  -- Backed Senior Unsecured Medium-Term Note Program, Confirmed
     at (P)Caa3

  -- Backed Subordinated Medium-Term Note Program, Confirmed at
     (P)Ca

  -- Backed Senior Unsecured Regular Bond/Debenture, Confirmed at
     Caa3 Negative

  -- Backed Subordinated Regular Bond/Debenture, Confirmed at Ca

  -- Backed Short-term Medium-Term Note Program, Affirmed (P)NP

  -- Backed Short-term Commercial Paper, Affirmed NP

  -- Outlook, Negative

Issuer: National Bank of Greece S.A.

  -- Baseline Credit Assessment, Downgraded to caa3 from caa2

  -- Adjusted Baseline Credit Assessment, Downgraded to caa3 from
     caa2

  -- Long-term Bank Deposit Ratings, Downgraded to Caa3 Negative
     from Caa2 Rating Under Review for Downgrade

  -- Short-term Bank Deposit Ratings, Affirmed NP

  -- Backed Senior Unsecured Regular Bond/Debenture (Government
     Guaranteed), Downgraded to Caa2 Negative from Caa1 Rating
     Under Review for Downgrade

  -- Backed Senior Unsecured Medium-Term Note Program, Downgraded
     to (P)Caa3 from (P)Caa2

  -- Pref. Stock Non-cumulative, Confirmed at Ca(hyb)

  -- Backed Short-term Medium-Term Note Program, Affirmed (P)NP

  -- Backed Short-term Senior Unsecured Regular Bond/Debenture,
     Affirmed NP

  -- Outlook, Negative

Issuer: NBG Finance plc

  -- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
     to Caa3 Negative from Caa2 Rating Under Review for Downgrade

  -- Backed Subordinated Regular Bond/Debenture, Downgraded to Ca
     from Caa3 Rating Under Review for Downgrade

  -- Backed Senior Unsecured Medium-Term Note Program, Downgraded
     to (P)Caa3 from (P)Caa2

  -- Backed Subordinated Medium-Term Note Program, Downgraded to
     (P)Ca from (P)Caa3

  -- Outlook, Negative

Issuer: National Bank of Greece Funding Limited

  -- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)

  -- Outlook, Negative

Issuer: Piraeus Bank S.A.

  -- Baseline Credit Assessment, Downgraded to caa3 from caa2

  -- Adjusted Baseline Credit Assessment, Downgraded to caa3 from
     caa2

  -- Long-term Bank Deposit Ratings, Downgraded to Caa3 Negative
     from Caa2 Rating Under Review for Downgrade

  -- Short-term Bank Deposit Ratings, Affirmed NP

  -- Senior Unsecured Medium-Term Note Program, Downgraded to
     (P)Caa3 from (P)Caa2

  -- Subordinated Medium-Term Note Program, Downgraded to (P)Ca
     from (P)Caa3

  -- Outlook, Negative

Issuer: Piraeus Group Capital Limited

  -- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)

  -- Outlook, Negative

Issuer: Piraeus Group Finance Plc

  -- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
     to Caa3 Negative from Caa2 Rating Under Review for Downgrade

  -- Backed Subordinated Regular Bond/Debenture, Downgraded to Ca
     from Caa3 Rating Under Review for Downgrade

  -- Backed Senior Unsecured Medium-Term Note Program, Downgraded
     to (P)Caa3 from (P)Caa2

  -- Backed Subordinated Medium-Term Note Program, Downgraded to
     (P)Ca from (P)Caa3

  -- Backed Short-term Medium-Term Note Program , Affirmed (P)NP

  -- Backed Short-term Commercial Paper, Affirmed NP

  -- Outlook, Negative

Moody's has also withdrawn the outlooks on all subordinated debt
ratings of the above Greek banks. It has withdrawn these outlooks
for its own business reasons.  Outlooks are now only assigned to
long-term senior debt and deposit ratings, indicating the
direction of any rating pressures.

The principal methodology used in these ratings was Banks
published in March 2015.

All banks affected by the rating actions are headquartered in
Athens, Greece:

-- National Bank of Greece SA reported total assets of EUR115.5
    billion as of December 2014

-- Piraeus Bank SA reported total assets of EUR89.1 billion as
    of December 2014

-- EFG Eurobank Ergasias SA reported total assets of EUR75.5
    billion as of December 2014

-- Alpha Bank SA reported total assets of EUR72.9 billion as of
    December 2014

-- Attica Bank SA reported total assets of EUR4 billion as of
    December 2014



=============
I R E L A N D
=============


ANGLO IRISH: Deal to Settle Dispute with Quinns Fails
-----------------------------------------------------
Ciaran Hancock at The Irish Times reports that the Quinn family
and Anglo Irish Bank will go back to court next month after a
deal to settle their multibillion-euro dispute fell through.

Minister of State at the Department of Finance Simon Harris
confirmed the negotiations between the two parties had collapsed
and the case would "likely be settled by the courts", The Irish
Times relates.  The two are penciled in for June 6 with the case
likely to last six months and potentially spill into next year,
The Irish Times discloses.

Mr. Harris denied the collapse in talks had anything to do with
the department, The Irish Times relays.

"I am not privy directly to the talks but my understanding is the
special liquidator was ad idem with others with the view that
this wouldn't have been successful with negotiations," The Irish
Times quotes Mr. Harris as saying.

It is understood the special liquidators informed the department
a month ago the negotiations were unsuccessful and a court
dispute was likely, The Irish Times recounts.  The peace offering
was stalled after the liquidator received information which
suggested it wouldn't have been in the interests of the taxpayer,
The Irish Times notes.

                       About Anglo Irish

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).

Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings on Irish Bank Resolution Corp.
Ltd. (IBRC) to 'D/D' from 'B-/C'.   S&P also lowered the senior
unsecured ratings to 'D' from 'B-'.  S&P then withdrew the
counterparty credit ratings, the senior unsecured ratings, and
the preferred stock ratings on IBRC.  At the same time, S&P
affirmed its 'BBB+' issue rating on three government-guaranteed
debt issues.

The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.

The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr.
D. Del., Case No. 13-12159).  The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson.  Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.



=========
I T A L Y
=========


GE CAPITAL: Moody's Lowers Deposit & Sr. Debt Ratings to B3
-----------------------------------------------------------
Moody's Investors Service downgraded GE Capital Interbanca
S.p.A.'s long-term deposit and senior debt ratings to B3 from B2,
and assigned a stable outlook, reflecting the bank's improved
capitalization, Moody's lowered assessment of the probability of
support from Interbanca's parent, General Electric Capital
Corporation (GECC, rated A1/Prime-1), and the introduction of the
rating agency's advanced loss-given failure analysis. At the same
time, Moody's upgraded Interbanca's standalone baseline credit
assessment (BCA) to caa1 from caa2, and downgraded the Adjusted
BCA to b3 from b2. Furthermore, Moody's assigned a Counterparty
Risk Assessment (CR Assessment) of B1(cr)/Not Prime(cr).

Moody's said that the one-notch upgrade of Interbanca's BCA is
driven by the recent capital increase provided by Interbanca's
parent, GECC, and by a commitment of a substantial 10-year
funding line from GECC. At the same time, Moody's noted that
Interbanca remains loss-making and with weak asset quality,
limiting the upside on the BCA.

In 2014, GECC subscribed to a significant capital increase in
Interbanca of EUR550 million, which led to a Common Equity Tier 1
(CET1) of 27.0% as at December 2014, up from 13.2% reported in
2013. These ratios are equivalent to Moody's Tangible Common
Equity (TCE) over adjusted risk-weighted assets (RWA) of 26.5% in
2014; in 2013, Interbanca reported a TCE over RWA of 13.2%.
Moody's noted that Interbanca's improved capitalization is
positive, and the current CET1 level is significantly above the
9.5% prudential minimum required under Pillar 2 by the bank's
regulator, the Bank of Italy; at the same time, the rating agency
cautioned that the bank's continued weak asset quality limits the
upside on Interbanca's BCA. (see note 1 at the end of this press
release).

GECC also renegotiated its funding lines towards Interbanca in
2014, which are now committed for ten years. Moody's said that
Interbanca's interest costs in 2014 suggest that the bank's
funding costs have increased following the renegotiation. While
therefore the funding commitment is supportive for Interbanca's
fundamentals, it also demonstrates Interbanca's high degree of
reliance on GECC. Additionally, Moody's noted that full details
of the renewed funding lines have not been disclosed, and it
cautioned that it is unclear whether the terms could be further
renegotiated in the future.

In 2014, out of the four business lines in which Interbanca
operates, corporate and investment banking and regulated leasing
reported losses, factoring broke even, and only the unregulated
leasing activity reported a profit. On a consolidated level,
higher funding costs led to a pre-provision profit of just EUR1.6
million, which also benefited from an extraordinary gain from the
sale of financial assets of EUR8.1 million. In 2014 the cost of
credit significantly reduced, to 51bp of loans and leases from an
average of more than 300bp every year between the acquisition of
Interbanca by GECC in 2009 and 2013. However given the very weak
pre-provision profit, this reduction was not sufficient to return
Interbanca to profit, and the group reported a net loss of
EUR15.8 million in 2014.

Moody's said that Interbanca's asset quality remains weak. After
six years of significant growth in problem loans, which rose from
3.9% of gross loans in 2007 to 22.2% in 2013, in 2014
Interbanca's problem loans ratio decreased to a still highly
elevated 19.1% (see note 2 at the end of this press release).
Considering the long duration of Interbanca's loan portfolio, and
the very long workout times for problem loans in Italy, Moody's
said it believes that it will likely require several years before
there is a material reduction of Interbanca's stock of problem
loans, absent any extraordinary measures.

In April 2015, GECC's shareholder General Electric Company (GE,
rated A1 stable) announced that it will dispose of most of the
assets of GECC over the next three years; Moody's believes that
Interbanca will be part of the disposals that are planned by GE.
For this reason, Moody's lowered its assessment of the
probability of GECC providing Interbanca with extraordinary
support to moderate from very high; this results in a one-notch
uplift from the BCA, from three notches previously.

Moody's said that the downgrade of Interbanca's deposit and
senior debt ratings reflects the lowered Adjusted BCA, and the
introduction of the rating agency's advanced Loss Given Failure
(LGF) analysis.

Interbanca is subject to the EU Bank Resolution and Recovery
Directive (BRRD), which Moody's considers to be an Operational
Resolution Regime. The rating agency's standard assumptions,
which are applied to Interbanca, assume residual tangible common
equity of 3% and losses post-failure of 8% of tangible banking
assets, a 25% run-off in junior wholesale deposits, a 5% run-off
in preferred deposits, and a 25% probability of junior deposits
being preferred to senior unsecured debt in resolution. Under
these assumptions, Interbanca's deposits and senior debt are
likely to face moderate loss-given-failure, due to the loss
absorption provided by subordinated debt and, potentially, by
senior unsecured debt should deposits be treated preferentially
in a resolution, as well as the small volume of deposits
themselves. This results in the deposit and senior debt ratings
being positioned in line with the b3 Adjusted BCA.

As part of the actions, Moody's has assigned a B1(cr)/Not
Prime(cr) CR Assessment to Interbanca, two notches above the
Adjusted BCA. The CR Assessment, which is not a rating, reflects
an issuer's probability of defaulting on certain bank operating
liabilities, such as covered bonds, derivatives, letters of
credit and other contractual commitments. In assigning the CR
Assessment, Moody's evaluates the issuer's standalone strength
and the likelihood, should the need arise, of affiliate and
government support, as well as the anticipated seniority of
counterparty obligations under Moody's advanced Loss Given
Failure framework. The CR Assessment also assumes that
authorities will likely take steps to preserve the continuity of
a bank's key operations, maintain payment flows, and avoid
contagion should the bank enter a resolution.

Moody's said that Interbanca's deposit and senior debt ratings
could be upgraded following an upgrade of Interbanca's BCA, which
could result from a return to profitability and a sustained
improvement in asset risk. An upgrade could also arise in the
event of Interbanca's sale to a relatively strong institution
likely to provide support.

A sale to a weak parent, evidence that GECC would not provide any
form of support to Interbanca even while remaining its owner, or
a lower BCA, could lead to a downgrade of Interbanca's deposit
and senior debt ratings. The BCA could be downgraded as a result
of greater-than-expected losses, depletion of capital, or a
further material weakening of the bank's asset quality ratios.

Note 1: Unless noted otherwise, data in this report is sourced
        from company reports and Moody's Banking Financial
        Metrics.

Note 2: Problem loans include non-performing loans (sofferenze),
        watchlist (incagli), restructured (ristrutturati), and
        past-due (scaduti); we adjust these numbers and only
        incorporate 30% of the watchlist category as an estimate
        of those over 90 days overdue.

Downgrades:

  -- Long-Term Deposit Rating, Downgraded to B3 Stable from B2
     Ratings under Review

  -- Senior Unsecured Debt Rating, Downgraded to B3 Stable from
     B2 Ratings under Review

  -- Adjusted Baseline Credit Assessment, Downgraded to b3 from
     b2

Upgrades:

  -- Baseline Credit Assessment, Upgraded to caa1 from caa2 on
     Watch

Assignments:

  -- Counterparty Risk Assessment, assigned at B1(cr)/Not-
     Prime(cr)

Outlook:

  -- Outlook, Changed To Stable From Rating Under Review

The principal methodology used in these ratings was Banks
published in March 2015.



===================
K A Z A K H S T A N
===================


FORTEBANK JSC: Moody's Raises LT Deposit Ratings to 'Caa1'
----------------------------------------------------------
Moody's Investors Service upgraded ForteBank's long-term local-
and foreign-currency deposit ratings to Caa1 from Caa2, its
senior unsecured debt ratings to Caa2 from C, and subordinated
debt rating to Caa3 from C. The outlook on the ratings is stable.
This action follows (1) the conclusion of the rating agency's
review on March 17, 2015 that had been prompted by changes
arising from the implementation of Moody's new methodology for
rating banks globally; and (2) the completion of the bank's debt
restructuring and merger.

At the same time, Moody's raised ForteBank's baseline credit
assessment (BCA) to caa2 from c, reflecting improved
capitalization and reduced refinancing risks. Moody's has also
assigned a Counterparty Risk Assessment (CR Assessment) of
B3(CR).

Moody's has removed, for business reasons, outlooks on the
subordinated debt rating. In accordance with the new methodology,
outlooks will now only be assigned to long-term senior debt and
deposit ratings.

The conclusion of the review was prompted by the changes arising
from the implementation of Moody's updated methodology for rating
banks globally. The revised methodology contains new aspects that
Moody's has devised in order to help accurately predict bank
failures, and to determine how each creditor class is likely to
be treated when a bank fails and enters resolution. The revisions
to the methodology reflect insights gained from the 2008-09
global financial crisis and the fundamental shift in the banking
industry and its regulation.

The upgrade of ForteBank's ratings reflects its restored
capitalisation and improved funding profile following the
completion of debt restructuring in December 2014 and
reorganisation of the bank in the form of consolidation of three
Kazakh banks: Alliance Bank, Temirbank and ForteBank. At the same
time, the ForteBank's ratings are still constrained by its weak
asset quality with high share of legacy problem loans (albeit
steadily declining following write offs), insufficient, in
Moody's view, coverage of problem loans by loan loss reserves,
fragile recurring profitability, as well as challenges associated
with executing a new development strategy and integration of
three combined banks amid the currently adverse domestic
operating environment.

ForteBank's capitalization has been restored following the
restructuring of $1.3 billion debt in December 2014, with the
combined entity reporting a total regulatory capital adequacy
ratio (CAR) of 25% as of 1 Feb 2015 in accordance with local
GAAP. According to Moody's estimations, ForteBank's tangible
common equity-to-risk-weighted assets ratio was at 21% as of
year-end 2014. However, the rating agency notes that the bank's
current capitalization is pressured by low loan loss reserves
(LLRs) coverage and further provisioning needs, resulting in a
projected decline in the bank's capital adequacy metrics by
around 8%-9% applying Moody's expected loss assumptions under
central stress-test scenario.

ForteBank's problem loans (defined as impaired for corporate
loans, plus 90+ days overdue for retail) amounted to 34.8% of
gross loans under audited IFRS, while all loans that are 90+ days
overdue accounted for 28.3% of gross loans as of year-end 2014.
At the same time, LLRs comprised 12.7% of gross loans, resulting
in 36.6% coverage of problem loans or 45% coverage of overdue
loans, which Moody's considers to be negligible given the rating
agency's assumption of low recovery of loans in Kazakhstan.

ForteBank's is actively cleaning up its balance-sheet through
problem loan write offs and work out. The bank targets further
reduction in the volume of non-performing loans (NPLs) up to 10%
by year-end 2015 through transferring to a special purpose
vehicle (an SPV) and collectors. Moody's considers that although
the level of NPLs will decrease, the bank's cost of risk will be
heightened given evidence of weakening borrowers' debt-servicing
capacity amid the currently challenging domestic market
conditions, exposure to foreign-currency risk in the event of
devaluation (with 25% of loans denominated in foreign currency),
and currently low reserves coverage.

The upgrade also reflects that ForteBank's refinancing risks have
diminished following the partial write-off and extended maturity
of market borrowings -- in accordance with the aforementioned
debt restructuring. Wholesale debt securities reduced to 12% of
liabilities as of year-end 2014 from 28% as of mid-2014.

Moody's notes the challenges and uncertainty associated with the
execution of a new development strategy and integration of three
banks (two of which had a history of past defaults and debt
restructuring), especially within the current adverse operating
environment in Kazakhstan. Thus, in order to capture these risks,
the rating agency makes negative adjustments in its assessment of
qualitative contributors in relation to its Opacity and
Complexity, and Corporate Behaviour scores.

Moody's incorporates one notch of systemic support uplift into
ForteBank's deposit ratings given the rating agency's assessment
of low probability that systemic support would be extended to the
bank's deposit holders. This assessment is based on the bank's
material market share of 5.3% in total banking system assets,
4.5% in customer and retail deposits, and evidence of state
support with KZT220 billion of Samruk-Kazyna deposits held within
the bank. Total government funds accounted for 20% of bank's
liabilities as at year-end 2014.

As part of the actions, Moody's has also assigned a CR
Assessment. The CR Assessment reflects an issuer's ability to
avoid defaulting on certain senior operating bank obligations and
other contractual commitments, but it is not a rating. The CR
Assessment takes into account the issuer's standalone strength as
well as the likelihood of affiliate and government support in the
event of need, reflecting the anticipated seniority of
counterparty obligations in the liabilities hierarchy. The CR
Assessment also takes into account other steps authorities can
take in order to preserve the key operations of a bank in the
event of a resolution.

The principal methodology used in these ratings was Banks
published in March 2015.


NOSTRUM OIL: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Kazakhstan-based hydrocarbons
exploration and production company Nostrum Oil & Gas L.P.  The
outlook is stable.

S&P also affirmed its 'B+' long-term issue rating on the
company's senior unsecured notes.  The recovery rating on these
notes is '3', indicating Standard & Poor's expectation of a
meaningful recovery (50%-70%; higher half of the range) in the
event of a payment default.

The affirmation reflects S&P's view that the company will
maintain credit metrics on average commensurate with the 'B+'
rating over 2015-2017.  Although S&P thinks that leverage will be
somewhat high for the rating because of lower oil prices in 2015,
S&P believes that credit metrics will strengthen from 2016.  This
is based on S&P's assumption of price and production increases,
the latter mostly from the construction of the second phase of
the gas treatment facility (GTF).  S&P understands that the
company is committed to investing in this new facility in order
to double its production capacity from approximately 50,000
barrels of oil equivalent per day (boepd) to 100,000 boepd by
2018.  Although this is not Nostrum's first GTF, S&P thinks that
execution and project delay risks exist.  However, S&P also
believes that the company will limit capital expenditures (capex)
related to drilling activities (which are discretionary) and
dividends if these risks materialize.

S&P expects Nostrum will adhere to its financial policies of
maintaining reported net debt to EBITDA at or below 2x, keeping
material cash on hand, and paying dividends of 20%-50% of net
income.

S&P is however, revising its assessment of Nostrum's financial
risk profile to "aggressive" from "significant."  This reflects
S&P's view of weaker funds from operations (FFO) to debt at this
point in the cycle than S&P previously expected, negative
discretionary operating cash flow (DCF), and S&P's perception of
potentially volatile cash flows and metrics.  In particular, S&P
now anticipates FFO to debt of between 15% and 20% in 2015, and
about 20% by 2016.

Nevertheless, S&P believes that this ratio is likely to increase
further after 2017 on the back of increased production.
Additionally S&P projects adjusted debt to EBITDA (we do not net
cash from debt) will peak at around 3.5x before falling back to
about 3x in 2016.  S&P thinks this will result in material
negative free operating cash flow over 2015-2016.

S&P's "weak" business risk profile assessment for Nostrum
reflects its view of the company's fairly concentrated asset
base; its dependence on one pipeline for dry gas (the company
uses another pipeline for crude oil and stabilized condensate,
but it could also use trucks as an alternative); its relatively
limited operations by international standards; and inherent risks
relating to the oil industry and operating in Kazakhstan.

These factors are somewhat mitigated by good profitability
(including S&P's assumption of a continued adjusted EBITDA margin
of above 55% in 2015-2016) on the back of a favorable cost
structure based on a modern asset base, low cash-lifting costs,
and a supportive tax regime.  S&P also views the partial
ownership of Mayfair Investments B.V. (a company indirectly owned
by the principal shareholders of Nostrum's local partner,
Kazakhstan-based engineering company KazStroyService), as a
supporting factor.

S&P assess Nostrum's liquidity as "adequate," under S&P's
criteria.  S&P estimates that the company's liquidity sources
should cover uses by about 1.3x in 2015.

Although Nostrum does not have any committed bank facilities, S&P
believes that its liquidity profile benefits from a material cash
balance to cover its forthcoming liquidity uses.  S&P understands
that management aims to maintain a comfortable cash balance of at
least US$100 million throughout the second GTF investment phase.
S&P believes this will be achievable if Nostrum maintains its
current operational performance.

Nostrum holds the vast majority of its cash in U.S. dollars
mainly at various large banks in Western Europe, which S&P views
as an important safeguard against the risk of banking instability
or another currency devaluation in Kazakhstan.

Principal liquidity sources over the 12 months started Jan. 1,
2015, are:

   -- Unrestricted cash of close to US$400 million; and
   -- FFO of between US$150 million and US$175 million.

Principal liquidity uses over the 12 months started Jan. 1, 2015:

   -- Substantial capital spending of about US$300 million;
   -- Dividend payments of about US$50 million;
   -- Intrayear peak working capital requirement not surpassing
      US$50 million;
   -- Potential modest acquisitions of; and
   -- No share buybacks.

The notes' documentation includes one debt incurrence test,
defined as a consolidated coverage ratio (EBITDA to interest
expense) of 3x.

The stable outlook on Nostrum reflects S&P's expectation that
Nostrum will maintain credit measures commensurate with the long-
term rating on average over 2015-2017, owing to low operating
costs and despite the low price environment.  This is supported
by S&P's assumption of material production increases from 2017.
S&P anticipates FFO to debt will be potentially below 20% in
2015, but rise to at least 20% from 2016.  S&P thinks the company
will be able to limit capex related to drilling activities,
should market conditions deteriorate.  S&P forecasts continued
"adequate" liquidity.

Given that headroom under the current rating is limited, S&P
could consider lowering the rating should FFO to debt fall
consistently below 20%, coupled with material negative DCF
without the prospect of near-term production improvement.  This
could be as a result of oil prices deteriorating below S&P's
expectation, depletion of fields or operational disruption, or
financial policies becoming more aggressive than we anticipate.
Any political or regulatory changes in Kazakhstan that impaired
the company's taxes or constrained its operations could also lead
to negative rating pressure.

S&P views an upgrade as unlikely over the next two years, given
the credit metrics forecasts, Nostrum's relatively small
production profile, and its asset concentration.  However, S&P
would consider a positive rating action in the long term if the
company could sustain FFO to debt above 45% in a higher oil price
environment, or if Nostrum's production increased materially, for
instance if the GTF is delivered on time and without major cost
overruns.  Additional support for an upgrade would come from
enhanced diversification of the producing asset base.



=====================
N E T H E R L A N D S
=====================


BOYNE VALLEY: S&P Lowers Rating on Class E Notes to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all classes of Boyne Valley B.V.'s notes.

Specifically, S&P has:

   -- Raised its ratings on the class B, C-1, C-2, D, and T
      combination notes;

   -- Affirmed its ratings on the class A-1 and A-2b notes; and

   -- Lowered its rating on the class E notes.

The rating actions follow S&P's review of the transaction's
performance.  S&P performed a credit and cash flow analysis and
assessed the support that each participant provides to the
transaction by applying S&P's current counterparty criteria.  In
S&P's analysis, it used data from the latest available trustee
report dated Feb. 5, 2015.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rates for each rated class of
notes.  In S&P's analysis, it used the reported portfolio balance
that it considered to be performing (EUR136.4 million), the
current weighted-average spread, and the weighted-average
recovery rates for the performing portfolio.  S&P applied various
cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

From S&P's analysis, it has observed that the available credit
enhancement has increased for all of the rated classes of notes,
driven by the deleveraging of the senior notes after the end of
the reinvestment period in February 2012.  The proportion of
assets rated 'CCC-', 'CCC', and 'CCC+' as a percentage of the
performing portfolio has decreased to 7.0% from 8.9% since S&P's
previous review.  The weighted-average spread earned on Boyne
Valley's collateral pool has also increased to 414 basis points
(bps) from 394 bps in S&P's previous review.

From S&P's analysis, 13.2% of the portfolio comprises non-euro-
denominated loans, which are hedged under cross-currency swap
agreements with Credit Suisse International (A/Negative/A-1).  In
S&P's opinion, the downgrade remedies for these cross-currency
swaps do not fully comply with S&P's current counterparty
criteria.  Consequently, S&P has assumed for cash flow scenarios
above 'A+' rating stresses that the currency swap counterparty
does not perform and where, as a result, the transaction is
exposed to changes in currency rates.

In S&P's credit and cash flow analysis, it has considered the
transaction's exposure to currency exchange risk, which indicates
that the available credit enhancement for the class A-1 and A-2b
notes is still commensurate with S&P's currently assigned
ratings. S&P has therefore affirmed its 'AAA (sf)' ratings on the
class A-1 and A-2b notes.

S&P has raised its ratings on the class B, C-1, C-2, D, and T
combination notes because its analysis indicates that the
available credit enhancement is now commensurate with higher
ratings than those currently assigned.

As the transaction has deleveraged, the portfolio has become
increasingly concentrated, with the number of distinct obligors
reducing to 32 from 59 since S&P's previous review.  S&P's
largest obligor test is constraining the rating n the class E
notes at a lower rating than currently assigned.  S&P has
therefore lowered to 'B+ (sf)' from 'BB- (sf)' its rating on this
class of notes.

Boyne Valley is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily European
speculative-grade corporate firms.  The transaction closed in
December 2005.

RATINGS LIST

Class          Rating          Rating
               To              From

Boyne Valley B.V.
EUR419 Million Secured Floating-Rate and Subordinated Notes

Ratings Raised

B              AAA (sf)        AA+ (sf)
C-1            A+ (sf)         A- (sf)
C-2            A+ (sf)         A- (sf)
D              BBB+ (sf)       BBB- (sf)
T Combo        BBB+ (sf)       BBB-(sf)

Ratings Affirmed

A1             AAA (sf)
A-2b           AAA (sf)

Rating Lowered

E              B+ (sf)        BB- (sf)

Combo--Combination.


GROSVENOR PLACE 2015-1: Moody's Rates EUR11MM Class E Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to notes issued by Grosvenor Place CLO 2015-1 B.V.:

  -- EUR202,750,000 Class A-1A Senior Secured Floating Rate Notes
     due 2029, Assigned Aaa (sf)

  -- EUR5,000,000 Class A-1B Senior Secured Fixed Rate Notes due
     2029, Assigned Aaa (sf)

  -- EUR31,750,000 Class A-2A Senior Secured Floating Rate Notes
     due 2029, Assigned Aa2 (sf)

  -- EUR12,000,000 Class A-2B Senior Secured Fixed Rate Notes due
     2029, Assigned Aa2 (sf)

  -- EUR20,000,000 Class B Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned A2 (sf)

  -- EUR17,250,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned Baa2 (sf)

  -- EUR24,750,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned Ba2 (sf)

  -- EUR11,000,000 Class E Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned B2 (sf)

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2029. The definitive ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CQS Investment
Management Limited ("CQS"), has sufficient experience and
operational capacity and is capable of managing this CLO.

Grosvenor Place CLO is a managed cash flow CLO. At least 90% of
the portfolio must consist of secured senior loans or senior
secured bonds and up to 10% of the portfolio may consist of
unsecured senior loans, second-lien loans, high yield bonds and
mezzanine loans. The portfolio is expected to be approximately
75% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the seven month ramp-up period in compliance with the portfolio
guidelines.

CQS will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR1,350,000 of Class M Notes and EUR36,110,000
of subordinated notes. Moody's has not assigned rating to these
classes of notes.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. CQS's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.

Moody's used the following base-case modelling assumptions:

- Par Amount: EUR350,000,000

- Diversity Score: 35

- Weighted Average Rating Factor (WARF): 2820

- Weighted Average Spread (WAS): 3.95%

- Weighted Average Coupon (WAC): 5.75%

- Weighted Average Recovery Rate (WARR): 45.0%

- Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling rating of A1 to Baa3 cannot exceed 10%. Following
the effective date, and given these portfolio constraints and the
current sovereign ratings of eligible countries, the total
exposure to countries with a LCC of A1 or below may not exceed
10% of the total portfolio. As a worst case scenario, a maximum
10% of the pool would be domiciled in countries with LCC of Baa1
to Baa3. The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 1.50% for the
Class A1 notes, 1.00% for the Class A2 notes, 0.75% for the Class
B notes and 0% for Classes C, D, E and F.

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the definitive rating assigned
to the rated notes. This sensitivity analysis includes increased
default probability relative to the base case. Below is a summary
of the impact of an increase in default probability (expressed in
terms of WARF level) on each of the rated notes (shown in terms
of the number of notch difference versus the current model
output, whereby a negative difference corresponds to higher
expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3243 from 2820)

Ratings Impact in Rating Notches:

- Class A-1A Senior Secured Floating Rate Notes : 0

- Class A-1B Senior Secured Fixed Rate Notes: 0

- Class A-2A Senior Secured Floating Rate Notes:-1

- Class A-2B Senior Secured Fixed Rate Notes:-1

- Class B Senior Secured Floating Rate Notes: -1

- Class C Senior Secured Deferrable Floating Rate Notes: -1

- Class D Senior Secured Deferrable Floating Rate Notes: -1

- Class E Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3666 from 2820)

- Class A-1A Senior Secured Floating Rate Notes : 0

- Class A-1B Senior Secured Fixed Rate Notes: 0

- Class A-2A Senior Secured Floating Rate Notes:-2

- Class A-2B Senior Secured Fixed Rate Notes:-2

- Class B Senior Secured Floating Rate Notes: -2

- Class C Senior Secured Deferrable Floating Rate Notes: -2

- Class D Senior Secured Deferrable Floating Rate Notes: -1

- Class E Senior Secured Deferrable Floating Rate Notes: 0

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.


JUBILEE CLO 2014-XII: Fitch Affirms 'B-' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Jubilee CLO 2014-XII B.V., as:

EUR302 million Class A: affirmed at 'AAAsf'; Outlook Stable
EUR51 million Class B1: affirmed at 'AA+sf'; Outlook Stable
EUR5 million Class B2: affirmed at 'AA+sf'; Outlook Stable
EUR26.5 million Class C: affirmed at 'A+sf'; Outlook Stable
EUR24.9 million Class D: affirmed at 'BBB+sf'; Outlook Stable
EUR36.9 million Class E: affirmed at 'BB+sf'; Outlook Stable
EUR19 million Class F: affirmed at 'B-sf'; Outlook Stable
EUR47.8 million subordinated notes: not rated

Jubilee CLO 2014-XII B.V. is an arbitrage cash flow CLO.  Net
proceeds from the issuance of the notes were used to purchase a
EUR498.75 million portfolio of European leveraged loans and
bonds.  The portfolio is managed by Alcentra Limited.

KEY RATING DRIVERS

The affirmation reflects the stable performance of the
transaction, which is in line with Fitch's expectations.

The transaction has been actively trading since it closed in May
2014 and asset manager Alcentra has increased the market value of
the portfolio.  The transaction is currently 0.8% above the
target par of EUR498.75 million.  This has resulted in an
increase of credit enhancement levels across the transaction.
For example at the senior level the class A note's credit
enhancement has risen to 39.9% from 39.5%.

The transaction is failing its weighted average recovery rate
(WARR) test.  The result is 66.3%, which is under the trigger
level of 67.7%.  This means future reinvestment must now either
maintain or improve the result of the test until the transaction
is passing the test again.  The transaction is passing all other
tests in collateral quality, coverage and portfolio profile.

The transaction is passing the weighted average rating factor
test at 31.97, only three basis points underneath the maximum
limit of 32.  As a result even minor negative rating migration in
the portfolio may cause the test to fail.  If this occurs, as
with the WARR test, the manager would be required to buy higher-
quality assets to maintain or improve the test result or move to
a different set of thresholds.

The transaction has significant buffer on its weighted average
life test at 5.4 years, under the trigger level of 7.07 years.

RATING SENSITIVITIES

Since the loss rates for the current portfolio are below those
modelled for the stress portfolio; the sensitivities shown in the
new issue report still apply for this transaction.


ROYAL KPN: Fitch Affirms 'BB' Rating on Sub. Capital Securities
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Royal KPN N.V.'s (KPN)
Long-term Issuer Default Rating (IDR) to Positive from Stable.
Fitch has affirmed KPN's IDR and senior unsecured rating at
'BBB-'.

The revision in Outlook to Positive reflects Fitch's view that
leverage over the next 12 to 18 months is likely to improve,
following the sale of the company's Belgian mobile subsidiary
BASE and growing cashflows from the company's domestic
operations. Funds from operations (FFO) adjusted net leverage is
expected to fall below 3.5x by 2016, from 3.8x in 2014, a level
that in conjunction with stabilizing EBITDA trends would be
compatible with a rating of 'BBB'.

Fitch expects the Dutch telecoms market to remain highly
competitive; however, the incremental impact of competition on
the group's financial performance should be manageable.

KEY RATING DRIVERS

Improving Operational Trends

Following the sale of KPN's international mobile operations, the
company's operational profile is predominantly driven by its
domestic operations in the Netherlands.  Adjusted EBITDA in the
Netherlands has been declining by 11% to 13% per year over the
past three years.  Fitch expects the rate of decline to slow to
below 4% over the course of 2015 before stabilizing in 2016.
First quarter results indicate that 2015 performance is trending
better than our expectations.

The stabilization will be driven by a mix of factors which
include: lower incremental impact from regulation; the loss of
revenue from legacy products such as voice and tariff decreases;
off-set by stabilizing market share in mobile; cost reduction;
and growth in fibre-related broadband and convergent products.

Growing Free Cash Flow (FCF)

Fitch expects KPN's pre-dividend FCF to turn positive in 2015 and
to grow progressively thereafter.  The growth in cashflow will be
driven by stabilizing EBITDA, minimal cash tax payments, capex
reductions and reduced interest charges.  The reduced cash tax
and interest charges result from the sale of E-Plus in 2014.  KPN
sold the asset to Telefonica Deutschland for EUR4.9bn plus a
20.5% stake in the German telecom group.  The sale created a
nine-year deferred tax asset of EUR 1.2bn with a proportion of
the cash proceeds used to reduce debt.

CapEx Likely to be Cut

KPN has rolled out a significant proportion of its LTE and fibre
network, which will enable it to reduce capex in the next two
years.  KPN is guiding capex reduction of approximately EUR200
million in 2015 to EUR1.4 billion (including BASE Company), from
EUR1.6 billion in 2014. The reduction includes the impact from
the consolidation of Reggefiber.

Asset Sales Provide Flexibility

KPN recently announced the sale of its Belgian mobile subsidiary
BASE Company to Telenet (B+/Stable) for EUR1.325 billion.  The
proceeds from the sale, combined with lower operational leases,
have the potential to reduce KPN's FFO adjusted net leverage by
up to 0.3x if all of the proceeds are used to reduce debt.  Fitch
has not assumed the sale of KPN's 20.5% stake in Telefonica
Deutschland in our rating case but have factored in dividends
from the German mobile company of approximately EUR140 million
per annum which KPN expects to pass onto its shareholders in
2015.  It is likely that KPN will sell down the stake over time.
The impact of the sale would have the potential to further reduce
FFO adjusted net leverage by up to 0.9x.

Fitch expects KPN to use some of the proceeds from the sale of
assets to reduce leverage.  The company may also use sales
proceeds for M&A and shareholder remuneration.  Fitch also
expects the company to maintain a measured shareholder
remuneration policy, reflecting some risks to achieving EBITDA
stabilization and a desire to maintain an investment grade
rating.

Dutch Market to Remain Competitive

Fitch expects the Dutch market to remain competitive but it is
unlikely that market conditions will deteriorate considerably
from current levels.  The consolidation of cable operators Ziggo
and UPC will create a stronger competitor for KPN in residential
triple play that will look to grow into other segments such as
SME and mobile.  The launch of Tele2's mobile network also
remains a risk in the event Tele2 takes a very aggressive
approach to its pricing policy driven by a potentially short-term
need to fill network capacity.  However, KPN already has elevated
mobile subscriber acquisition and retention costs, which Fitch
believes will continue to be the case, and its move to deploy
mobile tariffs with greater data bundles along with attractive
fixed-mobile bundles will provide a degree of defense.

KEY ASSUMPTIONS

   -- No significant change in the competitive environment of the
      Dutch telecoms market

   -- A stable mobile market share at 48%-49%

   -- No loss or migration of wholesale MVNO or ADSL contracts

   -- Successful implementation of the company's cost reduction
      program, supporting the gradual EBITDA margin expansion of
      the group by 2.2 percentage points over three years

   -- Capex reduces to EUR1.35 billion in 2015 from EUR1.6
billion
      in 2014 with a capital intensity ratio of 17.5% thereafter

   -- Progressive growth in KPN's pre-dividend FCF, reflecting
      margin expansion to 9% from -3.7% in 2014 over three years

   -- Annual dividends from Telefonica Deutschland of around
      EUR140 million

   -- Maintenance of a conservative but progressive shareholder
      remuneration policy commensurate with operational risks

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to an upgrade to 'BBB' include:

   -- Sustained improvement in KPN's domestic fixed and mobile
      operations, as well as expectations of FFO net adjusted
      leverage sustainably below 3.5x

Future developments that may, individually or collectively, lead
to the Outlook being changed from Positive to Stable include:

   -- A further deterioration in KPN's domestic fixed and mobile
      operations

   -- Expectations of FFO adjusted net leverage remaining above
      3.5x on a sustained basis

FULL LIST OF RATING ACTIONS

  Long-term IDR: affirmed at 'BBB-', Outlook revised to Positive
  from Stable

  Senior unsecured debt: affirmed at 'BBB-'

  Subordinated capital securities: affirmed at 'BB'



===========
R U S S I A
===========


ALFA-BANK: Moody's Rates Subordinated Securities 'B2(hyb)'
----------------------------------------------------------
Moody's Investors Service assigned a B2(hyb) rating to non-
viability subordinated debt of Alfa-Bank issued in the form of
$250 million 9.5% loan participation notes due 2025 that are
subject to contractual loss absorption upon the breach of a
predefined trigger and/or the start of the bank's financial
rehabilitation. These notes are Basel-III-compliant debt
instruments, which qualify as regulatory Tier 2 capital. The
notes were issued by Alfa Bond Issuance plc (a special purpose
vehicle) on a limited recourse basis for the sole purpose of
financing a subordinated loan to Alfa-Bank (the ultimate
borrower).

At the same time, Moody's has withdrawn for business reasons
outlooks on "plain vanilla" subordinated debt. Going forward,
outlooks will only be assigned to long-term senior debt and
deposit ratings as per the Moody's updated Bank Rating
methodology.

Alfa-Bank's long-term bank deposit and debt ratings were
unaffected by this rating action and remain on negative outlook.

In line with Moody's Bank Rating methodology, the assigned
B2(hyb) rating is positioned two notches below the bank's
adjusted baseline credit assessment (BCA) of ba3, in line with
Moody's standard notching guidance for subordinated debt with
loss triggered at the point of non-viability, on a contractual
basis. The rating does not incorporate any uplift from systemic
(government) support.

Under the terms of the subordinated notes, their principal will
be written down (partially or in full) in the event that Alfa-
Bank's core Tier 1 ratio falls below 2%, or if the Central Bank
of Russia together with the Deposit Insurance Agency implements
bankruptcy prevention procedures. In case of a write-down event,
the accrued and unpaid interest on the notes is cancelled
(partially or in full, depending on the write-down of the
principal). If the foregoing measure is insufficient to remedy
the write-down event a write down of all or part of principal
amount of the loan should occur.

Skipped coupons are non-cumulative and an extended period of non-
payment could result in the risk of significant loss. As such,
non-cumulative preferred securities may become impaired ahead of
a bank's failure and will therefore incorporate additional
notching. In a similar way, the principal amount of the
subordinated loan once written down, may not be restored under
any circumstances, including where the relevant write-down event
is no longer continuing.

The assigned rating is notched from the adjusted BCA of Alfa-Bank
and further movements will be contingent on the changes in this
reference point.

The principal methodology used in these ratings was Banks
published in March 2015.


EVRAZ GROUP: S&P Raises CCR to 'BB-' on Improved Metrics
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency corporate credit ratings on Luxembourg-
domiciled integrated steel producer Evraz Group S.A. (Evraz) to
'BB-' from 'B+'.  The outlook is stable.

S&P has raised the Russia national scale rating on Evraz to
'ruAA-'.

S&P has also raised its issue ratings on the notes previously
issued by Evraz and EvrazHolding Finance LLC to 'BB-' from 'B+'.
The recovery rating remains '4', with the prospect of recovery in
the lower half of the 30%-50% range.

The upgrade follows Evraz's reduced reported debt to US$5.7
billion at year-end 2014 from US$7.4 billion at year-end 2013,
helped by strong discretionary cash flow of over US$1 billion in
2014 (compared with US$0.5 billion in 2013).  Evraz largely used
this to deleverage.  As a result, Evraz's adjusted funds from
operations (FFO) to debt improved to 24.4% (15.1% in 2013) and
debt to EBITDA was 2.6x (3.6x previously).  S&P expects that FFO
to debt should remain above 20% and adjusted debt to EBITDA
should be less than 4.0x, under normal market conditions, which
supports S&P's stable outlook.

S&P continues to assess Evraz's business risk as "fair," based on
the combination of the moderately high risk S&P sees in the
volatile and cyclical steel industry, and S&P's view of high
country risk in Russia, where Evraz's key operations are
concentrated.

Evraz's "satisfactory" competitive position is underpinned by the
integrated nature of its operations, with 57% of iron ore and 72%
of coking coal (taking into account Raspadskaya) sourced from its
own operations in 2014.

As a large exporter that generates about 40% of revenues from
exports (mostly semi-finished products) -- but with a largely
ruble-denominated cost base -- Evraz is well positioned to
benefit from the weaker ruble.  In 2014, the group's improved
cost position was largely supported by depreciation of the ruble.
S&P believes Evraz's improved cash cost position should support
its capacity to export more steel products if Russian demand
softens.

In second-half 2014, the iron ore cash cost (58% Fe basis) was
down to US$45 per ton (US$59 in second-half 2013) and coking coal
decreased to $40 per ton (from US$63).  Given the improvement in
its cost position, Evraz is now better placed to withstand the
iron ore price decline (at least in the near term) with a current
spot iron ore price of around US$50 per ton (compared to the
average of US$90 through 2014).  That said, S&P understands that
the overall EBITDA contribution of Evraz's mining segment in 2015
will be very low; most EBITDA will be generated by the steel
segment.

S&P notes that Evraz has significant exposure to the construction
segment.  Construction products accounted for about 41% of its
external steel sales volumes in 2014. In 2015-2016, the
competition in this sector will remain rigorous: NLMK, the
largest Russian steel producer, launched the Kaluga mini-mill in
2013 and PAO Severstal launched its Balakovo mini-mill in 2014.

The increase in domestic market supply will likely be partly
mitigated by lower steel imports (especially from Ukraine).  That
said, S&P expects the domestic steel surplus, particularly in
long products, will lead to price pressure.  Weaker performance
in the long segment would be most likely offset by Evraz's more
stable performance in other markets, such as rails
manufacturing -- where Evraz is the global leader with production
in Russia and North America.

S&P also anticipates weaker performance at Evraz's North American
division, Evraz North America Ltd. (ENA; B+/Stable/--).  S&P
understands that ENA's EBITDA will experience significant
pressure in 2015 on softer demand for tubular products due to
lower crude price.  ENA's EBITDA represents 10%-15% of the
group's total.

Evraz's profitability remains average.  Its EBITDA margin through
the cycle averages about 12%, on a Standard & Poor's-adjusted
basis.  S&P expects that in 2015 the EBITDA margin will be closer
to 20%, supported by the weaker ruble.  That said, S&P believes
that the benefits of ruble depreciation will only be short term.

S&P continues to assess Evraz's financial risk profile as
"aggressive."  S&P's base-case scenario assumes:

   -- A low-to-mid-single-digit decline in steel shipping
      volumes, mostly driven by the weak construction segment in
      Russia.

   -- About a 20%-25% year-on-year decline in the steel product
      price in U.S. dollar terms in 2015, then a very moderate
      recovery.  Importantly, S&P assumes export parity of
      domestic steel prices.

   -- High-single-digit cost-base growth (in rubles) in 2015 and
      in line with S&P's inflation forecast of 6.5% in 2016.

   -- Iron ore price of $45 per ton until end-2015 and $50 in
      2015, in line with S&P's price assumptions.

   -- RUB:USD exchange rate of around 58:1 in 2015-2016 (compared
      with an average of 38:1 in 2014).

Based on these assumptions, S&P arrives at these credit measures:

   -- FFO to debt of close to 20% in 2015-2016;
   -- Adjusted debt to EBITDA of below 3.5x in 2015-2016;
   -- Adjusted EBITDA to interest of above 3.5x.

The stable outlook on Evraz reflects S&P's opinion that the
company's credit metrics will be commensurate with the 'BB-'
rating.  To maintain the current rating, S&P expects FFO to debt
of above 20% and adjusted debt to EBITDA of below 4.0x.  S&P also
expects Evraz to maintain "adequate" liquidity.

S&P might consider a positive rating action if the group's credit
metrics improve significantly as a result of deleveraging,
supported by industry and country risk improvement, such that FFO
to debt is sustainably above 30%.

S&P would consider a negative rating action if Evraz's credit
metrics deteriorated without short-term prospects of recovery,
with FFO to debt below 20% under normal market conditions, or
below 12% at a cyclical low point as a result of weaker industry
conditions or a deterioration in the political environment.

S&P might also lower its rating on Evraz if liquidity weakened
because of an absence of proactive refinancing or noncompliance
with financial covenants.


FEDERAL PASSENGER: Moody's Confirms 'Ba1' CFR, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service confirmed the Ba1 corporate family
rating and Ba1-PD probability default rating of Federal Passenger
Company OJSC, a wholly owned subsidiary of Russian Railways Joint
Stock Company (Ba1 negative). The outlook on all ratings is
negative. This concludes the review for downgrade initiated by
Moody's on February 25, 2015.

The confirmation of FPC's ratings reflects the confirmation of
Russian Railways' CFR at Ba1 and Moody's expectation that (1) the
Russian government (Ba1 negative) and Russian Railways will
continue to provide significant day-to-day support to FPC; and
(2) FPC will be able to maintain its strong financial metrics
despite the challenging macroeconomic environment.

FPC's Ba1 rating is driven by a combination of the company's
standalone credit strength and Moody's assessment of implied
support from the Russian government and/or Russian Railways in
the event of financial distress, given FPC's role as a highly
strategic and important subsidiary of Russian Railways, which
rating also constrains that of FPC. As FPC is strongly
interlinked with its parent, Russian Railways, Moody's standalone
assessment of FPC is constrained by Russian Railways' own
baseline credit assessment (BCA) of ba1, which is the measure of
its standalone credit quality based on Moody's designation of the
company as a government-related issuer (GRI).

FPC's Ba1 rating factors in (1) the company's status as a virtual
monopoly provider of long-distance passenger railway
transportation services in Russia; (2) its strategic and social
importance to the Russian government; (3) Moody's expectation
that the government will continue providing FPC with subsidies to
compensate for the low level of its regulated tariffs, although
there is a risk that their amount beyond 2015 may decline; (4)
the strong probability of support to be provided to FPC by the
Russian government or by its parent company, Russian Railways, in
the event of financial distress; (5) the company's conservative
financial policy and strong financial metrics; and (6) its
adequate liquidity and low foreign currency risk, as all debt is
denominated in domestic currency.

The rating also takes into account (1) FPC's exposure to the
weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign rating and Russia's country ceilings
for foreign currency debt to Ba1 from Baa3 with negative outlook
on 20 February 2015; (2) the lack of long-term visibility
regarding FPC's regulated tariffs and state subsidies; (3) the
company's dependence on Russian Railways' willingness to maintain
its strong financial metrics through the absence of any dividend
requirements and/or continuing equity injections; (4) substantial
capex required to replace or renew depleted railcars; (5) growing
competition with airlines; (6) the pronounced seasonality of
FPC's operating cash flows; and (7) the company's exposure to the
prevailing negative operating conditions in Russia.

The negative outlook on FPC's rating is in line with the negative
outlook on the sovereign rating and Russian Railways' rating and
reflects the fact that a potential further downgrade of Russia's
sovereign rating may result in the further lowering of the
country ceiling for foreign currency debt and, as a result, lead
to a downgrade of Russian Railways' rating and FPC's rating. In
addition to considerations related to the sovereign rating and
Russian Railways' rating, Moody's will also be monitoring the
company's ability to address increased country risks.

Positive pressure could be exerted on FPC's rating if Moody's
were to upgrade Russia's government bond rating or raise its
foreign-currency bond country ceiling, and upgrade Russian
Railways' rating, provided there is no material deterioration in
company-specific factors, including operating and financial
performance and liquidity.

FPC's rating will be impacted by further developments at the
sovereign level. The rating is likely to be downgraded if (1)
there is a further downgrade of Russia's sovereign rating and/or
a lowering of the foreign-currency bond country ceiling, or a
downgrade of Russian Railways' rating; (2) Moody's were to revise
downwards its assessment of the probability of the Russian
government and/or Russian Railways providing day-to-day or
extraordinary support to FPC; or (3) the company's liquidity
profile were to deteriorate. In addition, Moody's could downgrade
the company's rating if its standalone credit strength
deteriorates materially.

The principal methodology used in these ratings was Global
Passenger Railway Companies published in March 2013.

Established in 2009, Federal Passenger Company OJSC (FPC) is the
leading long-distance passenger railway transportation company in
Russia, with a market share of around 94% by passenger turnover.
FPC owns and operates a fleet of 21,168 railcars (as of year-end
2014). FPC is a wholly owned subsidiary of Russian Railways Joint
Stock Company, the 100% state-owned monopoly owner and operator
of Russia's rail infrastructure. In 2013, FPC generated revenue
of RUB196 billion (excluding state subsidies) and transported 99
million passengers.


MURMANSK REGION: Fitch Lowers IDR to 'BB-', Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded Russian Murmansk Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'BB-'
from 'BB' and its National Long-term rating to 'A+(rus)' from
'AA-(rus)'.  The Outlooks are Stable.  The region's Short-term
foreign currency IDR has been affirmed at 'B'.

KEY RATING DRIVERS

The downgrade reflects Murmansk's weakened operating performance
and a twofold increase of the region's direct risk over 2013-
2014. The Stable Outlook reflects our expectation of stable
budgetary performance in 2015-2017, with a small positive
operating balance and gradual narrowing of fiscal deficit.

The downgrade reflects these rating drivers and their relative
weights:

HIGH

Murmansk has recorded continuously weak budgetary performance in
the last three years.  In 2014, its operating margin turned
negative at 1.1%, from a small positive 1.9% a year earlier.
Deficit before debt variation peaked at 17.9% of total revenue,
following an already high average of 15% in 2012-2013.  The
deterioration was mostly due to stagnating tax revenues amid
growing operating expenditure.  As with most Russian regions
Murmansk faces high pressure on expenditure following the federal
government's election pledges, including the decision to align
public sector salaries with the region's fairly high average
salary.

Fitch forecasts that deficit before debt variation will remain
hefty at 12% of total revenue in 2015, before gradually narrowing
to 8% during 2016-2017.  The region's budget has low flexibility,
with operating expenditure representing a high 99% of total
revenue in 2014.  Murmansk's capital outlays historically lag
behind those of national peers at below 15% of total expenditure.

Fitch expects the region's operating balance to recover to low
positive values during 2015-2017, but the current balance to
remain negative.  The budgetary performance will be underpinned
by increasing corporate income tax proceeds as the region's major
export-oriented taxpayers benefit from a sharp rouble
depreciation in 4Q14.

MEDIUM

Fitch expects direct risk will continue to grow and will exceed
65% in 2017, from 22% at end-2012.  Despite the expected increase
Murmansk's debt burden should remain consistent with the region's
ratings.  However, the expected rise in debt, coupled with higher
cost of borrowing and the region's short-term debt profile, put
additional pressure on the budget.

The region's debt profile remains fairly short-term as direct
risk is dominated by bank loans with maturity of between one and
three years.  Bank loans accounted for 78% of direct risk at end-
2014, and three-year loans from the federal budget for the
remainder.  As of April 1, 2015, Murmansk faces repayment of
RUB5.7 billion bank loans and RUB2.3 billion federal budget loans
for this year.  This, coupled with the weak current balance,
results in the region being highly dependent on financial market
access and federal budget support for debt refinancing and
deficit funding.

Fitch expects the region will roll over maturing budget loans and
additionally receive RUB3 billion loans from the federal budget
to refinance half of its maturing market debt in 2015.  The
remaining maturing bank loans are likely to be refinanced with
the same banks.

Murmansk's ratings also reflect these key rating drivers:

The regional economy has a strong industrial base as Murmansk is
home to several natural resource extracting companies.  This
provides an extensive tax base for the region's budget, with tax
revenue representing 82% of operating revenue in 2014.  However,
a large portion of tax revenues depends on companies' profits,
resulting in high revenue volatility.  In 2012 and 2013 corporate
income tax proceeds fell sharply due to weak earnings at major
local taxpayers following price declines for key commodity
exports.

RATING SENSITIVITIES

Improvement in budgetary performance leading to debt coverage
ratio (direct risk to current balance) below 10 years on a
sustained basis would lead to an upgrade.

Inability to balance the operating budget and an increase in
direct risk beyond Fitch expectations would lead to a downgrade.


RUSSIAN RAILWAYS: Moody's Affirms 'Ba1' CFR, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service confirmed the Ba1 corporate family
rating, the Ba1-PD probability default rating and the Ba1 senior
unsecured rating of the government-related issuer Russian
Railways Joint Stock Company. Concurrently, Moody's has confirmed
the Ba1 senior unsecured rating of RZD Capital PLC, which is the
issuer of loan participation notes for the sole purpose of
financing loans to Russian Railways. The outlook on all ratings
is negative. This concludes the review for downgrade initiated by
Moody's on Feb. 25, 2015.

The confirmation of Russian Railways' ratings reflects Moody's
expectation that (1) Russian government will continue to provide
significant day-to-day support to Russian Railways (including
tariff decisions, subsidies, equity injections, low interest-rate
debt financing and low dividend requirements); and (2) the
company's financial performance in the challenging market
environment will be supported by the increase in its tariffs. The
increase in Russian Railways' leverage will be mitigated by the
company's long-term debt maturity profile and manageable foreign
currency risk.

As Russian Railways is a 100% state-owned company, Moody's
applies its Government-Related Issuer (GRI) rating methodology in
determining the company's rating. According to this methodology,
Russian Railways' rating of Ba1 is driven by a combination of (1)
the company's baseline credit assessment (BCA), a measure of
standalone credit strength, of ba1; (2) the Ba1 rating of the
Russian government, the support provider; (3) the high default
dependence between Russian Railways and the government; and (4)
the high probability of provision of state support to the company
in the event of financial distress.

Russian Railways' ba1 BCA reflects (1) the company's status as
the monopoly owner and provider of rail infrastructure services,
along with virtually all locomotive traction services in Russia;
(2) its critical importance to the domestic economy and
continuing support from the government; (3) the company's
conservative financial policy, which has been agreed with the
government, although there is a risk that it might be revised or
not fully adhered to in the currently challenging macroeconomic
environment in Russia; (4) its long-term debt maturity profile,
low refinancing risk and solid liquidity; and (5) its manageable
foreign currency risk, as only around 10% of its debt is
denominated in foreign currency (after hedges), with the bulk of
foreign currency-denominated debt represented by Eurobonds
maturing beyond 2020.

The BCA also factors in (1) Russian Railways' exposure to the
weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign rating and Russia's country ceilings
for foreign currency debt to Ba1 from Baa3 with negative outlook
on February 20, 2015; (2) Moody's estimation that Russian
Railways' leverage has increased above 3.0x adjusted total
debt/EBITDA as of year-end 2014 as a result of a decline in cargo
transportation volumes in Russia, freezing of the company's
regulated tariffs for 2014 and rouble depreciation, with a
limited potential for recovery in the currently challenging
macroeconomic environment; (3) Moody's expectation that the
company's ability to continue cutting costs will be limited by
social considerations; (4) the company's large capex program,
although substantially state-funded; and (5) its continuing
dependence on the government's willingness to maintain the scope
of its support at a level sufficient for Russian Railways to
maintain its financial metrics in line with its conservative
financial policy.

The negative outlook on Russian Railways' ratings is in line with
the negative outlook on the sovereign rating and reflects the
fact that a potential further downgrade of Russia's sovereign
rating may result in the further lowering of the country ceiling
for foreign currency debt and, as a result, lead to a downgrade
of Russian Railways' ratings. In addition to considerations
related to the sovereign rating, Moody's will also be monitoring
the company's ability to address increased country and foreign
exchange risks.

Positive pressure could be exerted on Russian Railways' ratings
if Moody's were to upgrade Russia's government bond rating or
raise its foreign-currency bond country ceiling, provided there
is no material deterioration in company-specific factors,
including operating and financial performance and liquidity.

Russian Railways' ratings will be affected by further
developments at the sovereign level. The ratings are likely to be
downgraded if (1) there is a further downgrade of Russia's
sovereign rating and/or a lowering of the foreign-currency bond
country ceiling; or (2) Moody's were to revise downwards its
assessment of the probability of the Russian government providing
extraordinary support to Russian Railways in the event of
financial distress. A deterioration of the standalone profile
reflected in the BCA could also have negative rating
implications. Moody's could lower Russian Railways' BCA if its
consolidated adjusted debt/EBITDA were to exceed 4.0x on a
sustained basis, or if its liquidity were to deteriorate
materially.

The principal methodology used in these ratings was Global
Surface Transportation and Logistics Companies published in April
2013. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009 and the Government-Related Issuers
methodology published in October 2014.

Russian Railways Joint Stock Company is the 100% state-owned
monopoly owner and operator of Russia's rail infrastructure and
provider of freight and passenger rail transportation services.
As of year-end 2013, the group had approximately 1.1 million
employees. In 2013, Russian Railways generated revenue of RUB1.76
trillion (US$55.4 billion), of which 75% was contributed by
freight transportation and logistics services.



=========
S P A I N
=========


NH HOTEL: S&P Affirms 'B-' CCR on Proposed Partial Refinancing
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term corporate credit rating on Spain-based hotel group NH
Hotel Group S.A. (NH), formerly known as NH Hoteles S.A.  The
outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the
proposed EUR200 million senior secured notes due 2022.  The
recovery rating on these notes is '2'.  S&P affirmed the 'B'
issue and '2' recovery ratings on NH's existing senior secured
debt.  The '2' recovery rating indicates S&P's expectation of
substantial recovery, in the higher half of the 70%-90% range, in
the event of a payment default.

The affirmation reflects S&P's opinion that NH's proposed partial
refinancing will have a limited effect on its financial risk
profile.  In S&P's view, NH's intention to issue EUR200 million
in notes due 2022 will not result in higher leverage because it
will be used to repay debt.  S&P understands that the proceeds of
the issue will repay EUR115 million of the existing term loan,
EUR35 million of the existing subordinated loans, and EUR36
million of a German mortgage loan.  The proceeds will also cover
transaction costs of EUR4 million, with the remaining EUR10
million kept in the company's cash reserves, available for
general corporate purposes.

S&P's view of NH's "weak" business risk profile reflects the
company's business model, which is centered around the operation
of owned and leased hotels.  In S&P's opinion, this concentration
contributes to a high and relatively inflexible fixed-cost base.
Although S&P views mid-scale properties as having lower cost
bases than luxury hotels, it believes that NH's key market
segment has relatively low barriers to entry and is therefore
more exposed to competition.  This said S&P believes that NH
could potentially strengthen its business risk profile in the
medium term, although we see some execution risks.  The company's
strategy is to move to a more asset-light ownership model and
toward a more upmarket segment, while restructuring its cost base
to improve profitability.  In 2014, NH's EBITDA and EBITDA margin
experienced solid growth, in part due to this restructuring, and
because of a general recovery in key markets.

S&P's assessment of NH's "highly leveraged" financial risk
profile reflects S&P's forecasts for the company.  In 2014,
Standard & Poor's-adjusted debt-to-EBITDA improved to 9.3x from
10.2x on the back of solid EBITDA growth, but it remains solidly
in the highly leveraged financial risk profile category.  S&P
notes that about 75% of adjusted debt comprises S&P's adjustment
for operating leases, reflecting NH's business model.  This said,
even on an unadjusted basis, S&P views the level of projected
financial debt to EBITDA as very high compared with NH's cash
flow generation.  S&P believes that NH's capacity to generate
free cash flow will likely be constrained over the coming years
as the company embarks on an investment program.  However, S&P
understands that NH plans to finance some of its investments
through asset disposals.  S&P also understands that NH will
continue to benefit from "adequate" liquidity over 2015 and has
some flexibility to cut capital expenditures (capex) if asset
disposals do not materialize.

S&P's base case assumes:

   -- Low-single-digit GDP growth in Europe, Latin America, and
      the U.S. NH's revenue per available room to grow at a
      similar rate to GDP in Europe, Latin America, and the U.S.

   -- Capex of about EUR150 million in 2015 and about EUR110
      million in 2016.

   -- Annual asset disposals of about EUR30 million-EUR60
      million.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted debt-to-EBITDA of about 9x in 2015 and 2016.
   -- Adjusted EBITDA interest coverage of 1.5x-2.0x in both
      years.
   -- Adjusted EBITDA margin of slightly over 30% in both years.

The stable outlook reflects S&P's view that NH will contain its
debt so as to keep senior adjusted interest coverage at 1.5x-
2.0x, preserve sufficient liquidity for its operating needs, and
maintain adequate headroom under its covenants.

In particular, S&P anticipates that NH's profitability on a
recurring basis will continue to improve in 2015, thanks to
favorable economic conditions and the effects of the company's
turnaround strategy.

S&P could consider lowering the ratings if adverse operating
developments, a subsequent decline in profitability, or
shortfalls in the company's asset disposal plan cause NH's credit
metrics to deteriorate.  In addition, the rating could come under
pressure if NH's headroom under its covenants were to shrink, if
liquidity were to weaken to below "adequate" levels, or if NH's
adjusted EBITDA interest coverage were to fall to less than 1.0x.
S&P do not anticipate these scenarios in the next 12 months.

An upgrade of NH would be contingent on the company being able to
generate consistently positive free operating cash flow, which
has been significantly negative in recent years.  It would also
require NH to have an adjusted EBITDA interest coverage ratio of
consistently more than 2.0x, and "adequate" liquidity.



=============
U K R A I N E
=============


MHP SA: Moody's Says Repayment of US$234MM Eurobond is Credit Pos
-----------------------------------------------------------------
Moody's Investors Service commented that the successful repayment
by MHP S.A. (Caa3 negative), one of Ukraine's leading agro-
industrial groups, of its US$234 million Eurobond on April 29,
2015 is credit positive.

MHP repaid the Eurobond at its maturity using a US$200 million
loan from the International Finance Corporation (IFC, Aaa stable)
signed in June 2014 and disbursed in March-April 2015. The
repayment illustrates the company's continued ability to access
international funding and garner support from international
financial institutions, such as the IFC, despite political and
economic turmoil in Ukraine. In addition, Moody's positively
notes MHP's prudent approach to liquidity management as evidenced
by its efforts to prearrange the necessary refinancing well in
advance.

MHP's liquidity profile has significantly improved following the
refinancing. Its next large maturity (i.e., a US$750 million
Eurobond) will be in 2020, prior to which the company's debt
repayment burden will be quite comfortable, and will likely be
serviced from internally generated sources.

MHP S.A. is one of Ukraine's leading agro-industrial groups. The
company's operations include the production of poultry and
sunflower oil, as well as the production and sale of convenience
foods. In addition, MHP is vertically integrated into grain and
fodder production, and operates one of the largest land banks in
Ukraine. As of 2014, the company's dollar-denominated total
revenue and reported EBITDA amounted to around US$1.4 billion and
US$555 million, respectively.


UKRAINIAN RAILWAYS: S&P Lowers CCR to 'CC', Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency corporate credit ratings on Ukrainian railway
company The State Administration of Railways Transport of Ukraine
(Ukrainian Railways) to 'CC' from 'CCC-'.  The outlook is
negative.

S&P also lowered its issue ratings on the senior secured loan
participation notes due 2018 and issued by financing vehicle
Shortline PLC to 'CC' from 'CCC-'.

The rating action reflects the Ukrainian government's
announcement that it will restructure its foreign currency
commercial debt, including Ukrainian Railways' loan participation
notes, worth US$500 million.  Under S&P's criteria, it would
expect to classify this restructuring of the notes as tantamount
to default.  In S&P's view, therefore, the default of Ukrainian
Railways' foreign currency debt is a virtual certainty.

S&P considers Ukrainian Railways to be a government-related
entity under S&P's criteria.  As part of S&P's rating action, it
has also revised down its assessment of the likelihood that the
Ukrainian government would provide timely and sufficient support
to Ukrainian Railways in the event of financial stress to
"moderately high" from "high."  S&P now considers potential
support from the Ukrainian government to Ukrainian Railways as
more doubtful than previously.

"We continue to assess Ukrainian Railways' financial risk profile
as "aggressive," taking into account its increased debt and
interest expense following sharp devaluations of the Ukrainian
hryvnia in 2014.  We calculate that the Standard & Poor's-
adjusted debt-to-EBITDA ratio increased to about 2.8x-3.3x at the
end of 2014 from just below 2.0x at the end of 2013.
Accordingly, we estimate that our adjusted ratio of funds from
operations to debt for Ukrainian Railways decreased to
approximately 18%-23% at the end of 2014 from about 33% at the
end 2013.  Our adjusted EBITDA-interest coverage ratio declined
to about 2.5x-3.0x at the end of 2014 from about 3.5x in 2013.
We continue to view these metrics as commensurate with the
"aggressive" financial risk profile, albeit in the lower end of
the category," S&P said.

"Our assessment of Ukrainian Railways' business risk profile as
"weak" incorporates our view of "very high" country risk in
Ukraine.  In addition, it reflects Ukrainian Railways'
significant capital-expenditure (capex) requirements to upgrade
and renew its infrastructure and fleet.  Recent tariff increases
should help the company to partly mitigate falling cargo and
passenger traffic resulting from the deteriorating economic
environment.  Still, these increases will not be enough to cover
the full restoration of services on the damaged Donetsk railway
and foregone revenues due to suspended services on parts of this
railway.  However, we acknowledge Ukrainian Railways' substantial
market share in domestic freight -- about 70% -- and its monopoly
status in domestic passenger rail services and management of the
national rail infrastructure," S&P added.

The negative outlook on Ukrainian Railways reflects the
likelihood that S&P would lower its long-term ratings on the
company to 'SD' (selective default) and lower the issue rating on
its US$500 million loan participation notes to 'D' when the
restructuring is completed.

The outlook also reflects S&P's assessment that headroom under
the notes' covenants is very low and that the company may be in
breach of them as of year-end 2014.

Although highly unlikely, S&P could take a positive rating action
on Ukrainian Railways if the restructuring was cancelled.



===========================
U N I T E D   K I N G D O M
===========================


DANUBE DELTA: S&P Affirms CCC- Ratings on 7 Note Classes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC- (sf)'
credit ratings on Danube Delta Corp.'s class A-1 VFN, A-2 VFN, A-
3 VFN, C-1, C-2, D-1, and D-2 notes.

The affirmations follow S&P's analysis of the transaction using
data from the trustee report dated March 16, 2015, and the
application of S&P's relevant criteria.

Since S&P's June 20, 2012 review, the class A notes have
significantly deleveraged.  However, the par coverage of the
rated notes has continued to deteriorate.  In addition, the class
C and D notes have further deferred their interest payments.

S&P has applied its criteria on the information available from
the trustee report.  Based on this analysis, S&P estimates the
current portfolio to comprise about 30% of defaulted assets.  In
the optimistic scenario where recovery rates would exceed 68% on
average, and the portfolio experienced no further defaults, there
would be sufficient collateral to pay interest and principal on
the rated notes.  Under S&P's "Global CDOs Of Pooled Structured
Finance Assets: Methodology And Assumptions" criteria, it expects
recoveries on current defaulted assets to total a maximum of 41%
on average.

S&P expects the amount of interest generated by the portfolio
over the next 12 months to amount to approximately EUR2.40
million (assuming the portfolio experiences no further defaults),
which will be sufficient to pay the intereston the nondeferrable
notes (the class A-1 VFN, A-2 VFN, and A-3 VFN notes) over the
next 12 months.

Danube Delta is a cash flow collateralized debt obligation (CDO)
transaction managed by Prytania Investment Advisors LLP.  A
portfolio of mainly U.S. CDOs, residential mortgage-backed
securities (RMBS), asset-backed securities (ABS), and commercial
mortgage-backed securities (CMBS) backs the transaction.  Danube
Delta closed in August 2006 and its reinvestment period ended in
August 2011.

RATINGS LIST

Danube Delta Corp.
EUR286 mil, GBP0 mil, US$36 mil Variable-Funding Notes, EUR6
Million and US$6 Million Senior Secured Deferrable Floating-Rate
Notes, US$10 Million Composite Notes, and EUR9 Million and US$21
Million Subordinated Notes

                                  Rating              Rating
Class              Identifier     To                  From
A-1 VFN            23642RAA4      CCC- (sf)           CCC- (sf)
A-2 VFN            23642RAC0      CCC- (sf)           CCC- (sf)
A-3 VFN            23642RAD8      CCC- (sf)           CCC- (sf)
C-1                23642RAE6      CCC- (sf)           CCC- (sf)
C-2                23642RAF3      CCC- (sf)           CCC- (sf)
D-1                23642RAG1      CCC- (sf)           CCC- (sf)
D-2                23642RAB2      CCC- (sf)           CCC- (sf)


ETHEL AUSTIN: 1,200 Former Workers Won't Receive Compensation
-------------------------------------------------------------
Gareth Mackie at The Scotsman reports that thousands of workers
at high street stores that went out of business have lost their
long-running fight for compensation.

According to The Scotsman, the European Court of Justice decision
means 1,200 former staff at Ethel Austin will not receive any
money.

Workers missed out because they were based in stores with fewer
than 20 staff, whereas colleagues in larger sites qualified for
compensation, The Scotsman discloses.

Ethel Austin went out of business five years ago, The Scotsman
recounts.

Shop workers' union USDAW said members were "heartbroken" by the
ruling, with general secretary John Hannett describing the ECJ
verdict as a "kick in the teeth" for those who worked in smaller
branches, The Scotsman relates.

Ethel Austin was a UK-based clothing chain.


INDUS PLC: Fitch Lowers Rating on Class C Notes to 'Dsf'
--------------------------------------------------------
Fitch Ratings has downgraded Indus (Eclipse 2007-1) plc's class C
notes, as:

GBP51.8 million class C (XS0294757256) downgraded to "Dsf" from
'Csf'; Recovery Estimate (RE) 50%

The transaction was originally a securitization of 19 commercial
mortgage backed loans (six remaining), 18 of which were
originated by Barclays Bank PLC (A/Stable/F1) and the remainder a
senior tranche of a loan originated by Bank of Scotland.  Fifteen
loans have repaid since closing in 2007, with five resulting in a
loss for the junior note holders.  The total loan balance has
been reduced to GBP199 million from GBP894 million.  The loans
are currently secured against a portfolio of office, mixed-use
and retail properties located in the UK.

KEY RATING DRIVERS

While the Workspace portfolio, which was in special servicing,
was sold at 94% of the last valuation, it resulted in a
considerable loss on the loan.  The loan was GBP25.8 million, and
recoveries were GBP8.3 million with losses of GBP1 million being
assigned to the class C notes and GBP16.4 million being assigned
to the class D notes.  This resulted in the class D notes being
written down in full and the class C notes taking a loss.

RATING SENSITIVITIES

A further deterioration in the performance of the loans backed by
secondary/tertiary assets is likely to have a detrimental effect
on the junior notes' recovery prospects.


RESIDENTIAL MORTGAGE 25: S&P Ups Rating on B3-Dfrd Notes to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Residential Mortgage Securities 25 PLC's class A1, A2, and M1-
Dfrd notes.  At the same time, S&P has raised its ratings on the
class M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
part of S&P's surveillance review cycle.  S&P's analysis reflects
the application of its U.K. residential mortgage-backed
securities (RMBS) criteria and its current counterparty criteria.

S&P has observed a decrease in its weighted-average foreclosure
frequency WAFF) and a decrease in its weighted-average loss
severity (WALS) since S&P's June 7, 2012 review.  The decrease in
the WAFF is mainly due to the increase in seasoning and the
decrease in total arrears to 8.98% in February 2015 from 12.45%
in S&P's previous review.  The decrease in the WALS is due to the
decrease in the weighted-average current loan-to-value (CLTV)
ratio, to 71.82% from 83.53% in our previous review (arrears and
CLTV figures are based on Standard & Poor's calculations).

Rating        WAFF       WALS
Level          (%)        (%)

AAA          37.24      41.52
AA           29.05      35.30
A            23.49      25.42
BBB          18.49      19.88
BB           13.69      16.15

The transaction has a weighted-average seasoning of 91 months and
benefits from a reserve fund, which is at its required documented
level.

The transaction has deleveraged since S&P's previous review,
increasing the available credit enhancement for all classes of
notes.  This increase, coupled with improvements in S&P's WAFF
and WALS calculations, has led S&P to raise its ratings on the
class M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd notes, while
affirming its ratings on the class A1, A2, and M1-Dfrd notes.

The class M1-Dfrd, M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd notes
are deferrable-interest notes.  As such, S&P rates them based on
the ultimate payment of principal and interest.

S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
for time horizons of one year and three years under moderate
stress conditions is in line with S&P's credit stability
criteria.

Residential Mortgage Securities 25 securitizes a pool of first-
ranking, nonconforming, buy-to-let, and prime residential
mortgage loans secured over properties in England, Scotland, and
Wales.  The transaction closed in October 2010 and includes loans
originated by GMAC Residential Funding Co. LLC, Kensington
Mortgage GroupCo Ltd., and Money Partners Ltd.

RATINGS LIST

Class                    Rating
                  To                   From

Residential Mortgage Securities 25 PLC
GBP195.1 Million Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

A1               AAA (sf)
A2               AAA (sf)
M1-Dfrd          AA (sf)

Ratings Raised

B1-Dfrd          A- (sf)              BBB (sf)
B2-Dfrd          BB+ (sf)             B (sf)
B3-Dfrd          BB (sf)              B- (sf)
M2-Dfrd          A+ (sf)              A (sf)


SOUTHDALE HOMES: In Administration After Loss-Making Projects
-------------------------------------------------------------
Aaron Morby at Construction Enquirer reports that Halifax
construction group Southdale Homes has fallen into administration
after suffering several loss-making projects.

The collapse of the GBP30 million turnover group has seen Kier
Living swoop in to take on several of the firm's house building
contracts, according to Construction Enquirer.

The report notes that around 128 Southdale staff, working out of
the Halifax and Warrington offices, will now be offered work as
part of the deal.

A remaining 87 were made redundant by administrators from
AlixPartners Services, the report relates.

The report discloses that Kier Living will work closely with the
Southdale administrator and employees to ensure a smooth
transition into the business with immediate effect, maintaining
continuity of delivery wherever possible for clients and supply
chain partners.

The report notes that John Anderson, Kier Living's executive
director, said: "Today represents an important milestone for Kier
Living as we expand our presence in the north of England in order
to deliver our growth plans, as set out in Kier's strategy Vision
2020.

"Nationally Kier Living plans to increase output from around
1,500 units per annum currently, to around 4,000 units by 2020.
Not only will we be able to use the combined capability and
expertise of the two teams to deliver existing developments, we
will also be able to expand our offering to a wider range of
clients, and deliver projects of an increased scale.  I would
like to take this opportunity to welcome Southdale employees to
Kier and look forward to continuing our journey of growth with
them," the report quoted Mr. Anderson as saying.

Southdale Homes specialized in affordable new homes and
technically demanding public buildings including care
accommodation, medical facilities and community centers.  The
worked primarily with local authorities across the North West,
North East and Yorkshire and Humber regions.


SOUTHDALE HOMES: Kier Living Buys North West Division
-----------------------------------------------------
Place North West reports that the North West division of social
housing contractor Southdale Homes has been acquired by Kier
Living after falling into administration due to a number of loss-
making projects.

Southdale Homes opened its regional office in Warrington in
September 2010. The company had a turnover of GBP30 million,
according to Place North West.  Clients included Wulvern Housing,
St Vincents Housing Association, New Fylde Housing, and Great
Places Housing Group.

The report notes that of more than 200 staff 87 were made
redundant and 128 offered jobs by Kier.

The move strengthens Kier's residential division, increasing
employee numbers to over 520 and substantially expanding its
presence in the north of England, the report discloses.

"Today represents an important milestone for Kier Living as we
expand our presence in the north of England in order to deliver
our growth plans, as set out in Kier's strategy Vision 2020.
Nationally Kier Living plans to increase output from around 1,500
units per annum currently, to around 4,000 units by 2020," the
report quoted John Anderson, executive director of Kier Living,
as saying.

"Not only will we be able to use the combined capability and
expertise of the two teams to deliver existing developments, we
will also be able to expand our offering to a wider range of
clients, and deliver projects of an increased scale.  I would
like to take this opportunity to welcome Southdale employees to
Kier and look forward to continuing our journey of growth with
them," Mr. Anderson added.

The administrators are AlixPartners Services.


THEATRE HOSPITALS 1: Fitch Withdraws 'B' Rating on Class D Notes
----------------------------------------------------------------
Fitch Ratings has withdrawn the ratings on Theatre (Hospitals)
No. 1 Plc and Theatre (Hospitals) No.2 Plc as the agency no
longer has sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for these issuers.

KEY RATING DRIVERS

Fitch lacks sufficient information to monitor the operational
performance of the portfolio of hospitals and does not expect to
receive any such information going forward.  As a result, it is
not possible to maintain the ratings on the class C and D notes.
Fitch also notes that the transactions are in an advanced stage
of undergoing a material restructuring of their respective
capital structures.

The ratings are withdrawn at these levels.

Theatre (Hospitals) No.1 plc:
GBP48.4 million class C notes: 'B+'; Negative Outlook
GBP48.4 million class D notes: 'B'; Negative Outlook

Theatre (Hospitals) No.2 plc:
GBP32.3 million class C notes: 'B+'; Negative Outlook
GBP32.3 million class D notes: 'B'; Negative Outlook

Summary of credit

The transactions are securitisations of loans to property-owning
entities (the propco) secured on 35 private hospitals operated by
BMI, the acute private hospital division of General Healthcare
Group (GHG).  The propco's principal source of repayment under
the term loan is the net rent received under leases payable by
tenants operating within BMI.  BMI is the largest independent
provider of private patient care in the UK, operating a total of
72 hospitals with over 3,000 beds.  Both issuers are identical in
structure and their notes rank equally with one another.


THOMAS COOK: S&P Revises Outlook to Stable & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based tour operator Thomas Cook Group PLC to stable from
positive. At the same time, S&P affirmed its 'B' long-term
corporate credit rating on the group.

S&P also affirmed its 'B' issue rating on Thomas Cook's GBP1.02
billion senior unsecured notes.  The recovery rating on these
notes remains unchanged at '4', indicating S&P's expectation of
average recovery prospects in the event of a payment default, in
the higher half of the 30%-50% range.

The outlook revision hinges on S&P's view that Thomas Cook's
"highly leveraged" financial risk profile is unlikely to
strengthen to levels commensurate with a higher rating over the
next 12 months.  In fiscal 2014, Thomas Cook posted a Standard &
Poor's-adjusted debt-to-EBITDA ratio of about 6.2x and an
adjusted EBITDA-to-interest ratio of 1.9x, which are below S&P's
previous expectations of 4.4x and 2.7x, respectively, owing to
higher restructuring costs.

Although S&P believes Thomas Cook's credit metrics will continue
to improve over the next 12 months, on the back of further growth
of nominal EBITDA, S&P do not expect them to strengthen to a
level that we see as commensurate with a 'B+' rating.  S&P
anticipates that the group's Standard & Poor's-adjusted leverage
will decrease to 5.6x and EBITDA interest coverage will improve
to 2.2x in fiscal 2015, a level that S&P still considers
appropriate for a 'B' rating, given the group's "weak" business
risk profile. Standard & Poor's financial metrics are based on
S&P's expectations that reported EBITDA (after operating and
exceptional costs) will be at about GBP330 million, up from
GBP277 million reported in 2014, as result of an increasing
proportion of revenues from new products, benefits from cost-
cutting initiatives undertaken in previous years, and lower
restructuring costs.  S&P's base-case scenario also takes into
consideration challenging trading conditions, in particular in
continental Europe, and pricing pressures caused by overcapacity
in the airline segment.

S&P continues to assess Thomas Cook's business risk profile as
"weak."  S&P's assessment mainly reflects its view of the
cyclicality and seasonality of the tourism industry, which
creates ongoing margin pressure, and a high level of event risk.
These weaknesses are, in S&P's view, partly offset by the group's
well-established market position in various European markets (it
is one of the top three players in its key markets), and
geographically diverse sales.

Under S&P's methodology, the combination of a "weak" business
profile and a "highly leveraged" financial profile yields an
initial analytical outcome ("anchor") of 'b' or 'b-'.  In the
case of Thomas Cook, S&P assess the anchor at 'b', reflecting the
group's metrics at the high end of its "highly leveraged"
category and positive generation of free operating cash flow
(FOCF).

The stable outlook reflects S&P's view that Thomas Cook will be
able to improve its operating performance and grow its nominal
EBITDA over the next 12 months on the back of increasing
contributions from new products, benefits coming from previous
years' cost-reduction initiatives, and lower restructuring costs.
Under S&P's base case, it anticipates that the group should
improve its Standard & Poor's-adjusted leverage to below 6x and
achieve EBITDA interest coverage of more than 2x.  S&P sees these
levels as commensurate with the current 'B' rating, given the
"weak" business risk profile.  The stable outlook also reflects
S&P's opinion that Thomas Cook will maintain what S&P considers
to be "adequate" liquidity.

Operating developments leading to significantly weaker-than-
anticipated EBITDA performance and credit ratios, and significant
tightening of covenant headroom to persistently less than 15%
could trigger a negative rating action.  Specifically, pressure
on the ratings could result from adjusted debt to EBITDA
exceeding 6x and adjusted EBITDA interest coverage declining to
less than 2x in financial 2015.  Furthermore, if S&P was to
reassess downward the group's liquidity to "less than adequate,"
S&P might consider lowering the rating.

A positive rating action would depend on the group achieving a
sustained improvement in its profitability margins (an EBITDA
margin of more than 5%) resulting in financial metrics consistent
with an "aggressive" financial risk profile.  In particular, S&P
sees an adjusted leverage strongly positioned in the 4.0x-5.0x
range and EBITDA interest coverage in the 2.5x-3.0x range as
commensurate with a higher rating.  A positive rating action
would also rely on Thomas Cook's ability to generate meaningfully
positive FOCF on a sustainable basis.


TULLIS RUSSELL: Angry Workers Demand Answers From Management
------------------------------------------------------------
Neil Henderson at FifeToday reports that around 300 former Tullis
Russell employees, who were made redundant following the firm's
shock announcement it was going into administration, have voiced
their anger at management.

Attending an emergency union meeting at Rothes Halls, emotions
were running high as a succession of workers demanded answers
from the management team responsible for firm which has lost
GBP18.5 million in the last five years, according to FifeToday.

The report notes that employees, some of which were informed of
the job losses by telephone following a completion of their shift
are claiming the decision was made without any consultation from
directors who said only last month that jobs were 'safeguarded'.

"Let's be clear that Tullis Russell directors have serious
questions to answer about how this company was so suddenly
plunged into administration and the workers want answers.  This
is a heart-breaking situation where the workforce have turned out
in their hundreds, shocked and victims of a hopeless employment
law system and a group of directors who didn't give a second
thought to throwing them on the dole," the report quoted Unite
Regional Officer Dougie Maguire as saying.

"Let's be clear that Tullis Russell directors have serious
questions to answer about how this company was so suddenly
plunged into administration and the workers want answers.  This
is a heart-breaking situation where the workforce have turned out
in their hundreds, shocked and victims of a hopeless employment
law system and a group of directors who didn't give a second
thought to throwing them on the dole," Mr. Maguire said, the
report notes.

The union organized the meeting to offer legal advice to its
members, the report relates.

"Our immediate priority now is our involvement on the Scottish
government task force and if there is any possibility that we can
save these jobs -- we will explore every option," added Mr.
McGuire, the report discloses.

The report notes that the first meeting of the Fife taskforce,
set up by the Scottish Government in the wake of the 325 job
losses, also took place yesterday co-chaired by Deputy First
Minister John Swinney and David Ross, leader of Fife Council.

"We are committed to working together with key public and private
bodies, workforce representatives and local politicians to do all
we can to support those who have been made redundant and are
affected by the decision during this difficult time," Mr. Swinney
said, the report relays.

An initial list of priorities were agreed including the continued
effort to find a possible buyer for the 206-year-old paper making
company, the report notes.

Support for those made redundant and the agreement of action plan
to support economic growth and job creation in central Fife, was
also earmarked, the report discloses.

"The Scottish Government has already announced an initial oe6
million of financial support, other members of the Taskforce will
look to see what resources they can bring to support work in the
area," added Mr. Swinney.


WOOLWORTHS: 3,200 Former Workers Won't Receive Compensation
-----------------------------------------------------------
Gareth Mackie at The Scotsman reports that thousands of workers
at high street stores that went out of business have lost their
long-running fight for compensation.

The European Court of Justice decision means 3,200 ex-employees
of Woolworths, which collapsed in 2008, will not receive any
money, The Scotsman notes.

According to The Scotsman, workers missed out because they were
based in stores with fewer than 20 staff, whereas colleagues in
larger sites qualified for compensation.

Shop workers' union USDAW said members were "heartbroken" by the
ruling, with general secretary John Hannett describing the ECJ
verdict as a "kick in the teeth" for those who worked in smaller
branches, The Scotsman relays.

Woolworths was a U.K.-based retailer.


* UK: Gloom Deepens Among Struggling Oil Firms
----------------------------------------------
The Scotsman reports that offshore operators remain firmly
focused on cost-cutting as confidence among the UK's oil and gas
explorers has sunk for the third quarter in a row.

The latest business sentiment index published by industry body
Oil & Gas UK fell further into negative territory during the
first quarter of this year as explorers struggle to cope with
historically low oil prices, according to The Scotsman.

The report notes that the survey measures a number of indicators
such as confidence, activity levels, revenue, investment and
employment, with lower ratings below zero indicating a more
negative outlook.

Oonagh Werngren, operations director at Oil & Gas UK, said sector
optimism has been on a downward trend for the past eight
quarters, the report relates.

The report notes that the latest reading of -31 for the first
three months of this year marks a further deterioration from the
final quarter of 2014, when the index came in at -23.

"These figures indicate the industry's focus remains firmly on
reviewing and revising activities to achieve the significant
efficiencies required when operating in the high-cost, mature
basin of the UK Continental Shelf (UKCS), where the oil price
fall has added further pressure to an already challenging
business environment," the report quoted Mr. Werngren as saying.

The report notes that cut-backs by the majors have in some cases
crippled smaller contractors.  Earlier, Aberdeen dredging
specialist X-Subsea fell into administration suffering
"unsustainable" losses from a downturn in orders, the report
discloses.

Meanwhile, Aim-quoted driller Trap Oil warned last month that it
was facing collapse unless it can bring in urgent funding, the
report relays.

The company's only producing asset is the Athena oil field, in
which it has a 15 per cent stake, the report notes.  Trap Oil
said in February it was losing about GBP380,000 a month from the
field, about 110 miles north-east of Aberdeen, due to the low oil
price, the report says.  In a bid to cut costs, it has trimmed
its workforce to about 13 people, from 16 a year ago, the report
relays.

"It is clear that since Q4 2014, contractor companies have begun
to feel the full impact of operators pruning back budgets and
commissioning fewer projects in response to rising operating
costs," the report quoted Mr. Werngren as saying.

"Contractor company respondents are adjusting to these
challenging circumstances by re-evaluating their own resources.
They are identifying opportunities for introducing more cost-
efficient practices, deferring discretionary expenditure, re-
bidding for key contracts, and this is all helping to curb
increases in operating costs," Mr. Werngren added.

The report notes that Deirdre Michie, incoming chief executive of
Oil & Gas UK, said the industry has a "tough journey ahead".

"This is a difficult time for the offshore oil and gas sector.
We need to ensure a step up in its performance to deliver a
positive and sustainable future. I look forward to working with
industry, unions, governments and the regulators in moving this
industry forward," the report quoted Ms. Michie as saying.

The report relates that Ms. Michie is taking over from Malcolm
Webb, who is retiring after more than 40 years in the oil and gas
sector.

Mr. Webb, joined the trade body, then known as the UK Offshore
Operators Association, as chief executive in 2004 and oversaw its
transformation to Oil & Gas UK in 2007.

Ms. Michie has worked for Shell since 1986, where she has held a
variety of senior roles.  She is also a former vice-president and
current council member of Aberdeen & Grampian Chamber of
Commerce.



===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                       Total
                                       Shareholders        Total
                                       Equity             Assets
  Company             Ticker           (US$MM)            (US$MM)
  -------             ------           ------             ------

AA LTD             2968492Z LN        -3387310342    2941216446
AA PLC             AAL BQ             -3387310342    2941216446
AA PLC             AA/ TQ             -3387310342    2941216446
AA PLC             AA/ IX             -3387310342    2941216446
AA PLC             AAAAL S1           -3387310342    2941216446
AA PLC             AA/ EB             -3387310342    2941216446
AA PLC             2XA GR             -3387310342    2941216446
AA PLC             AA/GBX EU          -3387310342    2941216446
AA PLC             AA/GBX EO          -3387310342    2941216446
AA PLC             AA/ LN             -3387310342    2941216446
AA PLC             1023859D SW        -3387310342    2941216446
AA PLC             AAL B3             -3387310342    2941216446
AA PLC             AAL S2             -3387310342    2941216446
AA PLC             AAL L3             -3387310342    2941216446
AA PLC             AA/EUR EU          -3387310342    2941216446
AA PLC             AA/EUR EO          -3387310342    2941216446
AA PLC-SUB SHS     1253131D LN        -3387310342    2941216446
AARDVARK TMC LTD   1768297Z LN       -1779177.627   149732584.7
ABBOTT MEAD VICK   648824Q LN         -1685905.65   168264096.2
ABF GRAIN PRODUC   1276922Z LN       -48465868.55   670357516.4
ACCIONA INMOBILI   4029797Z SM       -201626913.2    1629582757
ACEROS PARA LA     1656Z SM          -263940.0005   119468482.1
ACTUACIONES ACTI   AGR SM            -102379482.8   427577243.8
ADRIA AIRWAYS      54757Z SV         -51858436.56   134746896.3
ADRIA CABLE BV     4044453Z NA       -62348693.94   188829025.3
ADVANCE DISPLAY    ADTP PZ            -3015579018    2590008061
ADVANCE DISPLAY    ADTPEUR EO         -3015579018    2590008061
ADVANCE DISPLAY    ADTPEUR EU         -3015579018    2590008061
AEA TECHNOLO-FPR   AATF PZ             -251538429   142000079.4
AEA TECHNOLO-FPR   AATF LN             -251538429   142000079.4
AEA TECHNOLO-NPR   AATN PZ             -251538429   142000079.4
AEA TECHNOLO-NPR   AATN LN             -251538429   142000079.4
AEA TECHNOLOGY     AAT PO              -251538429   142000079.4
AEA TECHNOLOGY     AAT VX              -251538429   142000079.4
AEA TECHNOLOGY     AAT IX              -251538429   142000079.4
AEA TECHNOLOGY     EAETF US            -251538429   142000079.4
AEA TECHNOLOGY G   AATGBP EO           -251538429   142000079.4
AEA TECHNOLOGY G   1005182D GR         -251538429   142000079.4
AEA TECHNOLOGY G   AAT LN              -251538429   142000079.4
AEA TECHNOLOGY G   0884037D EO         -251538429   142000079.4
AEA TECHNOLOGY G   AEATF US            -251538429   142000079.4
AEA TECHNOLOGY G   0884036D EU         -251538429   142000079.4
AEA TECHNOLOGY G   AAT PZ              -251538429   142000079.4
AEGEK              AGEKF US          -129281233.7   283727598.7
AEGEK              AEGEK GA          -129281233.7   283727598.7
AEGEK              AEGEK EO          -129281233.7   283727598.7
AEGEK              AGK GR            -129281233.7   283727598.7
AEGEK              AEGEK PZ          -129281233.7   283727598.7
AEGEK              AEGEK EU          -129281233.7   283727598.7
AEGEK S.A.         AEGEKY B3         -129281233.7   283727598.7
AEGEK S.A.         AEGEKY L3         -129281233.7   283727598.7
AEGEK S.A.         AEGEKY S2         -129281233.7   283727598.7
AEGEK S.A. - RTS   989399Q GA        -129281233.7   283727598.7
AEGEK S.A.-RTS     AEGEPR GA         -129281233.7   283727598.7
AEGEK S.A.-RTS     AEGEKR GA         -129281233.7   283727598.7
AEGEK SA-AUCTION   AEGEKE GA         -129281233.7   283727598.7
AEGEK-PFD          2733073Q EU       -129281233.7   283727598.7
AEGEK-PFD          AEGEP GA          -129281233.7   283727598.7
AEGEK-PFD          2733077Q EO       -129281233.7   283727598.7
AEGEK-PFD          AEGEP PZ          -129281233.7   283727598.7
AEGEK-PFD AUCTIO   AEGEPE GA         -129281233.7   283727598.7
AFFINITI INTEGRA   1651064Z LN       -436307727.6   341755295.2
AFRICA OFFSHORE    AOSA NO             -280249984     357512992
AG PETZETAKIS SA   PZETF US          -110809481.9   206423169.8
AG PETZETAKIS SA   PTZ1 GR           -110809481.9   206423169.8
AG PETZETAKIS SA   PETZK EO          -110809481.9   206423169.8
AG PETZETAKIS SA   PETZK EU          -110809481.9   206423169.8
AG PETZETAKIS SA   PETZK PZ          -110809481.9   206423169.8
AG PETZETAKIS SA   PTZ GR            -110809481.9   206423169.8
AG PETZETAKIS SA   PETZK GA          -110809481.9   206423169.8
AGOR AG            NDAGF US          -482467.0522   144438127.4
AGOR AG            DOO GR            -482467.0522   144438127.4
AGOR AG            DOO EU            -482467.0522   144438127.4
AGOR AG            DOOD PZ           -482467.0522   144438127.4
AGOR AG            DOO EO            -482467.0522   144438127.4
AGOR AG            DOOG IX           -482467.0522   144438127.4
AGOR AG            DOO S1            -482467.0522   144438127.4
AGOR AG-RTS        2301918Z GR       -482467.0522   144438127.4
AGORA SHOPPING C   214766Z LN        -50701197.21   252336526.8
AGRUPACIO - RT     AGR/D SM          -102379482.8   427577243.8
AIR BERLIN PLC     AB1 S1            -139659058.8    2886844064
AIR BERLIN PLC     AB1 NQ            -139659058.8    2886844064
AIR BERLIN PLC     AIBEF US          -139659058.8    2886844064
AIR BERLIN PLC     AB1 QM            -139659058.8    2886844064
AIR BERLIN PLC     AB1 PZ            -139659058.8    2886844064
AIR BERLIN PLC     AB1D S2           -139659058.8    2886844064
AIR BERLIN PLC     AB1 BQ            -139659058.8    2886844064
AIR BERLIN PLC     AB1 EU            -139659058.8    2886844064
AIR BERLIN PLC     AB1GBX EU         -139659058.8    2886844064
AIR BERLIN PLC     AB1 EB            -139659058.8    2886844064
AIR BERLIN PLC     AB1 QT            -139659058.8    2886844064
AIR BERLIN PLC     AB1GBP EO         -139659058.8    2886844064
AIR BERLIN PLC     AB1 TH            -139659058.8    2886844064
AIR BERLIN PLC     AB1D L3           -139659058.8    2886844064
AIR BERLIN PLC     ABOG IX           -139659058.8    2886844064
AIR BERLIN PLC     AB1D B3           -139659058.8    2886844064
AIR BERLIN PLC     AB1 IX            -139659058.8    2886844064
AIR BERLIN PLC     AB1 TQ            -139659058.8    2886844064
AIR BERLIN PLC     AB1GBX EO         -139659058.8    2886844064
AIR BERLIN PLC     AB1 GR            -139659058.8    2886844064
AIR BERLIN PLC     AB1 EO            -139659058.8    2886844064
AIR BERLIN PLC     AB1 SW            -139659058.8    2886844064
AIR COMMAND SYST   4470055Z FP       -30657158.94   217998392.9
AIR FRA-KLM-ADR    AFLYY US          -764720024.1   28108299802
AIR FRA-KLM-ADR    AKH US            -764720024.1   28108299802
AIR FRA-KLM-ADR    FQZ GR            -764720024.1   28108299802
AIR FRAN-PAR ENT   2246976Z US       -764720024.1   28108299802
AIR FRANCE         AIFRF US          -764720024.1   28108299802
AIR FRANCE-ADR W   AKH-W US          -764720024.1   28108299802
AIR FRANCE-KLM     AF NQ             -764720024.1   28108299802
AIR FRANCE-KLM     AFUSD EO          -764720024.1   28108299802
AIR FRANCE-KLM     AFA NA            -764720024.1   28108299802
AIR FRANCE-KLM     AF MT             -764720024.1   28108299802
AIR FRANCE-KLM     AFR TH            -764720024.1   28108299802
AIR FRANCE-KLM     AF QM             -764720024.1   28108299802
AIR FRANCE-KLM     AIRF IX           -764720024.1   28108299802
AIR FRANCE-KLM     AFGBP EO          -764720024.1   28108299802
AIR FRANCE-KLM     AFUSD EU          -764720024.1   28108299802
AIR FRANCE-KLM     AF QX             -764720024.1   28108299802
AIR FRANCE-KLM     AFRAF US          -764720024.1   28108299802
AIR FRANCE-KLM     AFR GR            -764720024.1   28108299802
AIR FRANCE-KLM     AFCHF EO          -764720024.1   28108299802
AIR FRANCE-KLM     AIRF LI           -764720024.1   28108299802
AIR FRANCE-KLM     AFGBX EO          -764720024.1   28108299802
AIR FRANCE-KLM     AF EB             -764720024.1   28108299802
AIR FRANCE-KLM     AF EU             -764720024.1   28108299802
AIR FRANCE-KLM     AIKL IX           -764720024.1   28108299802
AIR FRANCE-KLM     AFP B3            -764720024.1   28108299802
AIR FRANCE-KLM     AF FP             -764720024.1   28108299802
AIR FRANCE-KLM     AF S1             -764720024.1   28108299802
AIR FRANCE-KLM     AF BQ             -764720024.1   28108299802
AIR FRANCE-KLM     AFNV FP           -764720024.1   28108299802
AIR FRANCE-KLM     AF VX             -764720024.1   28108299802
AIR FRANCE-KLM     AFR QT            -764720024.1   28108299802
AIR FRANCE-KLM     AF GK             -764720024.1   28108299802
AIR FRANCE-KLM     AFP L3            -764720024.1   28108299802
AIR FRANCE-KLM     AF PZ             -764720024.1   28108299802
AIR FRANCE-KLM     AF EO             -764720024.1   28108299802
AIR FRANCE-KLM     AFP S2            -764720024.1   28108299802
AIR FRANCE-KLM     AF SW             -764720024.1   28108299802
AIR FRANCE-KLM     AFGBX EU          -764720024.1   28108299802
AIR FRANCE-KLM     AF TQ             -764720024.1   28108299802
AIR FRANCE-KLM     AFCHF EU          -764720024.1   28108299802
AIR FRANCE-KLM     AF TE             -764720024.1   28108299802
AIR FRANCE-NEW     AFNN FP           -764720024.1   28108299802
AIR FRANCE-OLD     1010Q FP          -764720024.1   28108299802
AIRBUS MILITARY    4456697Z SM        -48974067.1    2049792335
AIRBUS OPERATION   4435153Z LN       -622881599.4    5619187195
AIRTOURS PLC       AIR LN              -379731744    1817560463
AIRTOURS PLC       AIR VX              -379731744    1817560463
AIRTOURS PLC       ATORF US            -379731744    1817560463
AKCIONERNOE-BRD    SOVP$ RU          -8432780.313   229071575.4
AKER BRYGGE AS     4447369Z NO       -48154701.45   699923492.2
AKER ELEKTRO AS    4389353Z NO       -35849851.01   136482190.9
AKER FLOATING PR   AKFP BY              -16100000     765200000
AKER FLOATING PR   AKFP PZ              -16100000     765200000
AKER FLOATING PR   AKFPEUR EU           -16100000     765200000
AKER FLOATING PR   AKFPEUR EO           -16100000     765200000
AKER FLOATING PR   AKNO IX              -16100000     765200000
AKER FLOATING PR   AKFP EU              -16100000     765200000
AKER FLOATING PR   AKFP EO              -16100000     765200000
AKER FLOATING PR   AKFP NO              -16100000     765200000
AKER MARINE CONT   4414377Z NO       -58718358.92     165264364
AKER STORD A/S     4498875Z NO       -216314138.2   694523053.4
AKER SUBSEA AS     4394593Z NO        -4078325.72    1050122582
AKZO NOBEL POWDE   1472346Z LN       -45561469.76   146392085.3
ALAPIS HOLDIN-RT   ALAPISR GA         -1446551773   135183840.6
ALAPIS HOLDING     3385874Q GA        -1446551773   135183840.6
ALAPIS HOLDING I   VETER GA           -1446551773   135183840.6
ALAPIS HOLDING I   FFEFD S2           -1446551773   135183840.6
ALAPIS HOLDING I   VTERF US           -1446551773   135183840.6
ALAPIS HOLDING I   FFEFD B3           -1446551773   135183840.6
ALAPIS HOLDING I   FFE GR             -1446551773   135183840.6
ALAPIS HOLDING I   V2R GR             -1446551773   135183840.6
ALAPIS HOLDING I   ALAPIS EU          -1446551773   135183840.6
ALAPIS HOLDING I   FFEFD L3           -1446551773   135183840.6
ALAPIS R-R         ALAPV10 GA         -1446551773   135183840.6
ALAPIS REPO        ALAPL10 GA         -1446551773   135183840.6
ALAPIS SA          ALAPIS PZ          -1446551773   135183840.6
ALAPIS SA          APSHF US           -1446551773   135183840.6
ALAPIS SA          FFEB GR            -1446551773   135183840.6
ALAPIS SA          FFEF GR            -1446551773   135183840.6
ALAPIS SA          ALAPI EO           -1446551773   135183840.6
ALAPIS SA          ALAPI EU           -1446551773   135183840.6
ALAPIS SA          ALAPIS GA          -1446551773   135183840.6
ALBERTO MARTINS    4488947Z PL       -25419628.18   123489526.4
ALCATEL LUCENT N   4043757Z NA       -21653637.64   116356629.5
ALCATEL-LUCENT E   3642975Z FP       -11149272.86   424795289.8
ALCATEL-LUCENT F   3647063Z FP         -794545837    4984810705
ALCHEVSKIY         ALMK UZ           -225000006.2    2842475698
ALECTRA FINANCE    4505075Z ID       -12800137.51    1082862962
ALL3MEDIA HOLDIN   4500027Z LN       -646613627.6   802966892.4
ALLDAYS PLC        317056Q LN          -120493900   252232072.9
ALLDAYS PLC        ALDYF US            -120493900   252232072.9
ALLIANCE & LEICE   1603082Z LN       -362201146.6    3707343539
ALLIANCE FILMS U   1774537Z LN       -15721068.24   102608688.7
ALLIANCE RUSSIAN   ALRT RU           -15214267.61     144581794
ALPHA CREDIT GRP   2398Z LN          -128161721.8    6765275654
ALPOS DD           APOG SV           -67350276.85   175193779.3
ALPOS DD           APOG EO           -67350276.85   175193779.3
ALPOS DD           APOG PZ           -67350276.85   175193779.3
ALPOS DD           APOG EU           -67350276.85   175193779.3
ALSTOM HYDRO ESP   4375881Z SM       -42000468.63   613243761.9
ALSTOM WIND SLU    1009322Z SM       -34872511.82   509075734.9
ALTAIR ISSY SAS    4682609Z FP       -567399.4453   270262865.7
ALTOS HORNOS VIZ   AHV SM            -115822618.8    1283089189
ALUMINIUM PECHIN   3650903Z FP       -831091697.8   722884358.5
AMARIN CORP -ADR   AMRN US              -88448000     171107008
AMARIN CORP -ADR   EH3 GR               -88448000     171107008
AMARIN CORP -ADR   EH3A GR              -88448000     171107008
AMARIN CORP -ADR   AMRND US             -88448000     171107008
AMARIN CORP -ADR   EH3A TH              -88448000     171107008
AMARIN CORP PLC    AMRNF EU             -88448000     171107008
AMARIN CORP PLC    AMRN LN              -88448000     171107008
AMARIN CORP PLC    H2E GR               -88448000     171107008
AMARIN CORP PLC    AMRJF US             -88448000     171107008
AMARIN CORP PLC    AMRN PO              -88448000     171107008
AMARIN CORP PLC    AMRNF US             -88448000     171107008
AMARIN CORP PLC    AMRN ID              -88448000     171107008
AMARIN CORP PLC    H2EA GR              -88448000     171107008
AMARIN CORP PLC    H2E PZ               -88448000     171107008
AMARIN CORP PLC    AMRNF EO             -88448000     171107008
AMER BUS SYS       ARB LN              -497126976     121439000
AMEY PLC           AMY VX            -48862569.33   931527720.5
AMEY PLC           AMY LN            -48862569.33   931527720.5
AMEY PLC           AMEYF US          -48862569.33   931527720.5
AMEY PLC-ASSENT    AMYA LN           -48862569.33   931527720.5
AMEY PLC-NEW       AMYN LN           -48862569.33   931527720.5
AMO ZIL-CLS        ZILL* RU          -237320797.3   371525868.1
AMO ZIL-CLS        ZILLG RU          -237320797.3   371525868.1
AMO ZIL-CLS        ZILL RM           -237320797.3   371525868.1
AMO ZIL-CLS        ZILL RU           -237320797.3   371525868.1
AMPER SA           AMPE S2           -118877663.7   251701787.9
AMPER SA           AMP SM            -118877663.7   251701787.9
AMPER SA           APMRF US          -118877663.7   251701787.9
AMPER SA           AMPE B3           -118877663.7   251701787.9
AMPER SA           AMP1 EU           -118877663.7   251701787.9
AMPER SA           APR GR            -118877663.7   251701787.9
AMPER SA           AMP1 EB           -118877663.7   251701787.9
AMPER SA           AMPS PZ           -118877663.7   251701787.9
AMPER SA           AMPE L3           -118877663.7   251701787.9
AMPER SA           AMP1 IX           -118877663.7   251701787.9
AMPER SA           AMP1 S1           -118877663.7   251701787.9
AMPER SA           AMP1 TQ           -118877663.7   251701787.9
AMPER SA           AMP1 EO           -118877663.7   251701787.9
AMPER SA - RTS     AMP/D SM          -118877663.7   251701787.9
AMPER SA - RTS     APRA GR           -118877663.7   251701787.9
AMPER SA - RTS     0881324D SM       -118877663.7   251701787.9
AMTEL-POVOLZ-BRD   KIRT RU           -17984240.01   104831160.6
AMTEL-POVOLZ-BRD   KIRT* RU          -17984240.01   104831160.6
ANEK LINES P-RTS   ANEPOR GA         -2285848.991   469901082.9
ANEK LINES P-RTS   ANEPR GA          -2285848.991   469901082.9
ANEK LINES PFD/I   ANEPY B3          -2285848.991   469901082.9
ANEK LINES PFD/I   ANEPY S2          -2285848.991   469901082.9
ANEK LINES PFD/I   ANEPOY B3         -2285848.991   469901082.9
ANEK LINES PFD/I   ANEPOY L3         -2285848.991   469901082.9
ANEK LINES PFD/I   ANEPOY S2         -2285848.991   469901082.9
ANEK LINES PFD/I   ANEPY L3          -2285848.991   469901082.9
ANEK LINES R-R     ANEKV10 GA        -2285848.991   469901082.9
ANEK LINES REPO    ANEKL10 GA        -2285848.991   469901082.9
ANEK LINES S-RTS   ANEKR GA          -2285848.991   469901082.9
ANEK LINES SA      ANEK PZ           -2285848.991   469901082.9
ANEK LINES SA      ANEKY B3          -2285848.991   469901082.9
ANEK LINES SA      ANEK GA           -2285848.991   469901082.9
ANEK LINES SA      AKL GR            -2285848.991   469901082.9
ANEK LINES SA      AKLP GR           -2285848.991   469901082.9
ANEK LINES SA      ANKZF US          -2285848.991   469901082.9
ANEK LINES SA      ANEK EO           -2285848.991   469901082.9
ANEK LINES SA      ANEK EU           -2285848.991   469901082.9
ANEK LINES SA      ANEKY S2          -2285848.991   469901082.9
ANEK LINES SA      ANEKY L3          -2285848.991   469901082.9
ANEK LINES SA-R    ANEKV13 GA        -2285848.991   469901082.9
ANEK LINES SA-RE   ANEKL13 GA        -2285848.991   469901082.9
ANEK LINES SA-RT   8207309Q GA       -2285848.991   469901082.9
ANEK LINES-PF RT   ANPOR GA          -2285848.991   469901082.9
ANEK LINES-PF RT   8207313Q GA       -2285848.991   469901082.9
ANEK LINES-PFD     ANEP EU           -2285848.991   469901082.9
ANEK LINES-PFD     ANEPO GA          -2285848.991   469901082.9
ANEK LINES-PFD     ANEPO EO          -2285848.991   469901082.9
ANEK LINES-PFD     ANEPO EU          -2285848.991   469901082.9
ANEK LINES-PFD     ANEP PZ           -2285848.991   469901082.9
ANEK LINES-PFD     ANEP EO           -2285848.991   469901082.9
ANEK LINES-PFD     ANEP GA           -2285848.991   469901082.9
ANKER PLC          ANK PO            -21861359.81     115463159
ANKER PLC          DW14 GR           -21861359.81     115463159
ANKER PLC          ANK LN            -21861359.81     115463159
ANKER PLC - ASSD   ANKC LN           -21861359.81     115463159
ANKER PLC - ASSD   ANKB LN           -21861359.81     115463159
ANKER PLC-ASSD     ANKA LN           -21861359.81     115463159
ANTWERP GATEWAY    496769Z BB        -73080114.22   225706170.5
APERAM STAINLESS   4783273Z FP        -5965310.53   552964689.4
APK OGO OAO        AOGO RU           -5163579.316   164058148.4
AQUIRIS SA         559158Z BB        -2420703.165   256094171.2
ARCADE PROPERTY    4461121Z ID       -271769574.6   854837506.8
ARCADIA PETROLEU   645232Z LN           -56648000     258746000
ARCELORMITTAL      PTRO RO            -61078989.5   178664384.2
ARDAGH GLASS FIN   3489820Z ID       -425707082.8    5124657810
AREMZO BV          3772972Z NA       -34197.38617   140093566.7
AREVA              CEI PZ            -296450009.3   36203201141
AREVA              AREVA BQ          -296450009.3   36203201141
AREVA              AREVAP B3         -296450009.3   36203201141
AREVA              AREVA EU          -296450009.3   36203201141
AREVA              AREVAUSD EO       -296450009.3   36203201141
AREVA              CEI EO            -296450009.3   36203201141
AREVA              AREVA IX          -296450009.3   36203201141
AREVA              CEI LI            -296450009.3   36203201141
AREVA              AREVA EB          -296450009.3   36203201141
AREVA              AREVAGBX EO       -296450009.3   36203201141
AREVA              AREVAP S2         -296450009.3   36203201141
AREVA              AREVA GK          -296450009.3   36203201141
AREVA              AREVA QM          -296450009.3   36203201141
AREVA              AREVAUSD EU       -296450009.3   36203201141
AREVA              ARVCF US          -296450009.3   36203201141
AREVA              AREVA S1          -296450009.3   36203201141
AREVA              A9RB TH           -296450009.3   36203201141
AREVA              A9RB QT           -296450009.3   36203201141
AREVA              A9RB GR           -296450009.3   36203201141
AREVA              AREVAP L3         -296450009.3   36203201141
AREVA              AREVA TQ          -296450009.3   36203201141
AREVA              AREVA FP          -296450009.3   36203201141
AREVA              AREVA QX          -296450009.3   36203201141
AREVA              AREVAGBP EO       -296450009.3   36203201141
AREVA              AREVAGBX EU       -296450009.3   36203201141
AREVA              A9R TH            -296450009.3   36203201141
AREVA - CI - RTS   8285157Q GR       -296450009.3   36203201141
AREVA - CI - RTS   CEIDS FP          -296450009.3   36203201141
AREVA CIP-UN ADR   ARVCY US          -296450009.3   36203201141
AREVA SA - PREF    CEIAP FP          -296450009.3   36203201141
AREVA-CI           A9R GR            -296450009.3   36203201141
AREVA-CI           CEIGBX EU         -296450009.3   36203201141
AREVA-CI           CEIGBX EO         -296450009.3   36203201141
AREVA-CI           CEI QM            -296450009.3   36203201141
AREVA-CI           CEI FP            -296450009.3   36203201141
AREVA-CI           CEI TQ            -296450009.3   36203201141
AREVA-CI           CEI BQ            -296450009.3   36203201141
AREVA-CI           CEPF IX           -296450009.3   36203201141
AREVA-CI           CEIGBP EO         -296450009.3   36203201141
AREVA-CI           CEI S1            -296450009.3   36203201141
AREVA-CI           CEI EU            -296450009.3   36203201141
AREVA-CI           CEI EB            -296450009.3   36203201141
AREVA-CI           CEI IX            -296450009.3   36203201141
AREVA-CI           CEIUSD EU         -296450009.3   36203201141
AREVA-CI           CEI GK            -296450009.3   36203201141
AREVA-CI           CEI NQ            -296450009.3   36203201141
AREVA-CI           CEIUSD EO         -296450009.3   36203201141
AREVA-ORDINARY     8381831Q GR       -296450009.3   36203201141
ARGEK SA-PFD RTS   989391Q GA        -129281233.7   283727598.7
ARGENTA UNDERWRI   2619614Z LN       -3429270.883     137134947
ARMAJARO TRADING   3900922Z LN       -35780000.42   948870011.7
ARNOTTS HOLDINGS   4462545Z ID       -366474765.3     152226036
ARTICON-INTE-NEW   AAG1 GR           -30518620.96   237457667.5
ARTICON-INTE-NEW   AAG3 GR           -30518620.96   237457667.5
ARTICON-INTE-RTS   AAG8 GR           -30518620.96   237457667.5
ARTICON-INTE-RTS   AAG8 NM           -30518620.96   237457667.5
ARTICON-INTEGR-N   AAG2 GR           -30518620.96   237457667.5
ARTICON-INTEGRAL   AAGN NM           -30518620.96   237457667.5
ARTICON-INTEGRAL   AAG NM            -30518620.96   237457667.5
ARTICON-INTEGRAL   AIT LI            -30518620.96   237457667.5
ARTICON-INTEGRAL   AAG GR            -30518620.96   237457667.5
ARTICON-INTEGRAL   229071Q LN        -30518620.96   237457667.5
AS ROMA SPA        RO9 GR            -111338028.6     294452725
AS ROMA SPA        ASR IM            -111338028.6     294452725
AS ROMA SPA        ASRO IX           -111338028.6     294452725
AS ROMA SPA        ASRM B3           -111338028.6     294452725
AS ROMA SPA        ASRM L3           -111338028.6     294452725
AS ROMA SPA        ASR EB            -111338028.6     294452725
AS ROMA SPA        ASR EU            -111338028.6     294452725
AS ROMA SPA        ASR IX            -111338028.6     294452725
AS ROMA SPA        ASR S1            -111338028.6     294452725
AS ROMA SPA        ASRM S2           -111338028.6     294452725
AS ROMA SPA        ASR QM            -111338028.6     294452725
AS ROMA SPA        ASRAF US          -111338028.6     294452725
AS ROMA SPA        ASR BQ            -111338028.6     294452725
AS ROMA SPA        ASR EO            -111338028.6     294452725
AS ROMA SPA        ASR TQ            -111338028.6     294452725
AS ROMA SPA        ASR PZ            -111338028.6     294452725
AS ROMA SPA RTS    ASRAZEUR EU       -111338028.6     294452725
AS ROMA SPA RTS    ASRAXM IX         -111338028.6     294452725
AS ROMA SPA RTS    ASRAZEUR EO       -111338028.6     294452725
AS ROMA SPA RTS    ASRAXM EB         -111338028.6     294452725
AS ROMA SPA RTS    ASRAZA IM         -111338028.6     294452725
AS ROMA SPA RTS    ASRAZM TQ         -111338028.6     294452725
AS ROMA SPA-RTS    ASRAA IM          -111338028.6     294452725
ASCOT RACECOURSE   1965934Z LN       -75993211.73   229117719.4
ASHWELL PROPERTY   4165857Z LN       -192048023.3   200163088.3
ASITO DIENSTENGR   743813Z NA        -2494804.851   220704023.7
ASPIS BANK SA      ASEUF US          -46224213.41    3486115450
ASPIS BANK-RIGHT   365673Q GA        -46224213.41    3486115450
ASPIS BANK-RTS     3558423Q GA       -46224213.41    3486115450
ASPIS BANK-RTS     839325Q GA        -46224213.41    3486115450
ASPIS BANK-RTS     ASPTR GA          -46224213.41    3486115450
ASPIS MORT-RTS     ASPTD GA          -46224213.41    3486115450
ASPIS PRON-PF RT   ASASPR GA         -189911036.1   896550129.3
ASPIS PRONIA -PF   ASAPR GA          -189911036.1   896550129.3
ASPIS PRONIA GE    ASASK GA          -189911036.1   896550129.3
ASPIS PRONIA GE    ASASK PZ          -189911036.1   896550129.3
ASPIS PRONIA GE    ASASK EU          -189911036.1   896550129.3
ASPIS PRONIA GE    AISQF US          -189911036.1   896550129.3
ASPIS PRONIA GE    ASASK EO          -189911036.1   896550129.3
ASPIS PRONIA-PF    APGV GR           -189911036.1   896550129.3
ASPIS PRONIA-PF    ASASP GA          -189911036.1   896550129.3
ASPIS PRONIA-RT    ASASKR GA         -189911036.1   896550129.3
ASPIS PRONOIA GE   APG GR            -189911036.1   896550129.3
ASPIS PRONOIA GE   APGG IX           -189911036.1   896550129.3
ASR VASTGOED ONT   4039981Z NA       -24447897.91   292472974.2
ASTON VILLA FOOT   1768569Z LN       -211955267.1   117946484.4
ATLANTIC COPPER    4512291Z SM       -21013583.14    1043171373
ATLANTIC SUPERMA   ATLA PZ           -76261648.16   315891294.2
ATLANTIC SUPERMA   ATLA GA           -76261648.16   315891294.2
ATLANTIC SUPERMA   ATLA1 EU          -76261648.16   315891294.2
ATLANTIC SUPERMA   ATLA1 EO          -76261648.16   315891294.2
ATOS ORIGIN INTE   4519607Z FP       -17395808.68   356910606.2
ATTI-KAT           ATTIK GA          -56530409.47   191944957.4
ATTI-KAT           XTT GR            -56530409.47   191944957.4
ATTI-KAT           ATTIK EO          -56530409.47   191944957.4
ATTI-KAT           ATTIK EU          -56530409.47   191944957.4
ATTI-KAT           ATTIK PZ          -56530409.47   191944957.4
ATTI-KAT RTS       ATTID GA          -56530409.47   191944957.4
ATTI-KAT SA-AUCT   ATIKE GA          -56530409.47   191944957.4
ATTIKAT S.A.       ATTIKY S2         -56530409.47   191944957.4
ATTIKAT S.A.       ATTIKY B3         -56530409.47   191944957.4
ATTIKAT S.A.       ATTIKY L3         -56530409.47   191944957.4
ATTIKAT-AUCTION    ATTIKE GA         -56530409.47   191944957.4
ATU AUTO-TEILE-U   3486988Z GR       -571062299.6   546297842.8
AUBURN ACQUISITI   4453705Z LN         -437104257    1605290465
AURIGACROWN CAR    3791672Z SM       -9696676.632   319021086.5
AUTO TRADER        AUTOL B3          -288837782.6   616716105.5
AUTO TRADER        AUTOEUR EO        -288837782.6   616716105.5
AUTO TRADER        AUTOEUR EU        -288837782.6   616716105.5
AUTO TRADER        AUTOL IX          -288837782.6   616716105.5
AUTO TRADER        AUTOL S2          -288837782.6   616716105.5
AUTO TRADER        AUTOL EB          -288837782.6   616716105.5
AUTO TRADER        AUTOL TQ          -288837782.6   616716105.5
AUTO TRADER        AUTOAL S1         -288837782.6   616716105.5
AUTO TRADER        AUTOL L3          -288837782.6   616716105.5
AUTO TRADER        2UA GR            -288837782.6   616716105.5
AUTO TRADER        AUTOGBX EU        -288837782.6   616716105.5
AUTO TRADER        AUTOGBX EO        -288837782.6   616716105.5
AUTO TRADER        AUTO LN           -288837782.6   616716105.5
AUTO TRADER GROU   1239634D LN       -288837782.6   616716105.5
AUTO-INDUSTRIAL    3482374Z PL       -3916462.237   125097850.1
AUTOMOBILE ASSOC   1479490Z LN       -75794419.73   215975911.6
AUTOMOBILE CO BO   0850360D US       -19015213.25   303496524.6
AUTOMOBILES CITR   3648863Z FP       -125854259.5    1955037586
AUTOMOTIVE LIGHT   3895734Z IM       -8707502.577   163886427.3
AUTOROUTES PARIS   ARRGBX EU         -89943297.24   11659772905
AUTOROUTES PARIS   ARR EO            -89943297.24   11659772905
AUTOROUTES PARIS   RK9 TH            -89943297.24   11659772905
AUTOROUTES PARIS   ARR LI            -89943297.24   11659772905
AUTOROUTES PARIS   ARR IX            -89943297.24   11659772905
AUTOROUTES PARIS   ARR1 BQ           -89943297.24   11659772905
AUTOROUTES PARIS   ARR QM            -89943297.24   11659772905
AUTOROUTES PARIS   ARR FP            -89943297.24   11659772905
AUTOROUTES PARIS   ARR S1            -89943297.24   11659772905
AUTOROUTES PARIS   ARR EU            -89943297.24   11659772905
AUTOROUTES PARIS   ARR TQ            -89943297.24   11659772905
AUTOROUTES PARIS   ARR EB            -89943297.24   11659772905
AVAST SOFTWARE B   0112793D US          -15842000     132342000
AVAST SOFTWARE N   AVST US              -15842000     132342000
AVAYA HOLDINGS L   4491803Z ID       -621072180.7     411838418
AVAYA UK           1700688Z LN       -108636476.4   372961487.6
AVIS ALQUILE UN    3753296Z SM       -21373936.47   271716792.1
AVIS BUDGET UK L   4503067Z LN       -5383949.995   452091122.6
AVIVA CENTRAL SE   4503755Z LN       -77860199.93   856462199.2
AXON SA HOLDING    AYW1 GR           -168132402.1   707983030.3
AXON SA HOLDING    AXONY S2          -168132402.1   707983030.3
AXON SA HOLDING    AXONR GA          -168132402.1   707983030.3
AXON SA HOLDING    AXON GA           -168132402.1   707983030.3
AXON SA HOLDING    AXON EU           -168132402.1   707983030.3
AXON SA HOLDING    AYW GR            -168132402.1   707983030.3
AXON SA HOLDING    AXON PZ           -168132402.1   707983030.3
AXON SA HOLDING    AXON EO           -168132402.1   707983030.3
AXON SA HOLDING    AXONY L3          -168132402.1   707983030.3
AXON SA HOLDING    AXONY B3          -168132402.1   707983030.3
AZOT CHERKASY      AZCYF US          -144125969.1   731869410.6
AZOT CHERKASY      AZOT UZ           -144125969.1   731869410.6
AZOT OPEN-GDR      A9T GR            -144125969.1   731869410.6
AZOVZAGALMASH MA   AZGM UZ           -201003976.4   323492277.6
B&M EUROPEAN       BMEL IX            -31468050.5    2018470277
B&M EUROPEAN       BME LN             -31468050.5    2018470277
B&M EUROPEAN       BMEL TQ            -31468050.5    2018470277
B&M EUROPEAN       BME1GBP EO         -31468050.5    2018470277
B&M EUROPEAN       BMEL S2            -31468050.5    2018470277
B&M EUROPEAN       BMEL B3            -31468050.5    2018470277
B&M EUROPEAN       BMEL BQ            -31468050.5    2018470277
B&M EUROPEAN       BME1EUR EU         -31468050.5    2018470277
B&M EUROPEAN       BME1GBX EU         -31468050.5    2018470277
B&M EUROPEAN       BMN GR             -31468050.5    2018470277
B&M EUROPEAN       BME1GBX EO         -31468050.5    2018470277
B&M EUROPEAN       BME1EUR EO         -31468050.5    2018470277
B&M EUROPEAN       BME1 S1            -31468050.5    2018470277
B&M EUROPEAN       BMEL L3            -31468050.5    2018470277
B&M EUROPEAN       BMRPF US           -31468050.5    2018470277
B&M EUROPEAN       BME1GBP EU         -31468050.5    2018470277
B&M EUROPEAN       BME1USD EO         -31468050.5    2018470277
B&M EUROPEAN       BMEL EB            -31468050.5    2018470277
B&M EUROPEAN       BME1USD EU         -31468050.5    2018470277
B&M EUROPEAN VAL   0994508D LN        -31468050.5    2018470277
BAAN CO NV-ASSEN   BAANA NA          -7854715.264   609871188.9
BAAN COMPANY NV    BAAN EU           -7854715.264   609871188.9
BAAN COMPANY NV    BAAN PZ           -7854715.264   609871188.9
BAAN COMPANY NV    BNCG IX           -7854715.264   609871188.9
BAAN COMPANY NV    BAAVF US          -7854715.264   609871188.9
BAAN COMPANY NV    BAAN GR           -7854715.264   609871188.9
BAAN COMPANY NV    BAAN NA           -7854715.264   609871188.9
BAAN COMPANY NV    BAAN IX           -7854715.264   609871188.9
BAAN COMPANY NV    BAAN EO           -7854715.264   609871188.9
BAAN COMPANY-NY    BAANF US          -7854715.264   609871188.9
BADEL 1862 DD      BD62REUR EO       -1388203.083     121963475
BADEL 1862 DD      BD62REUR EU       -1388203.083     121963475
BADEL 1862 DD      BD62RA CZ         -1388203.083     121963475
BADEL 1862 DD      BD62RHRK EU       -1388203.083     121963475
BADEL 1862 DD      BD62RHRK EO       -1388203.083     121963475
BAE SYSTEMS        1538746Z LN       -27870638.37   135571174.1
BAE SYSTEMS INTE   2344987Z LN       -150699245.3   591701047.7
BAE SYSTEMS MARI   1290786Z LN       -49863659.95   723768539.3
BAE SYSTEMS PROP   1151751Z LN       -80424616.73    1099382736
BAKERS AS          4527631Z NO       -21452603.39   110897168.6
BALLYMORE PROPER   162707Z ID        -811238718.9   594756063.8
BALTIYSKY ZAVOD    BALZ RU           -51839852.99   174079813.8
BALTIYSKY-$BRD     BALZ* RU          -51839852.99   174079813.8
BALTIYSKY-BRD      BALZ$ RU          -51839852.99   174079813.8
BANK OF SCOTLAND   1419810Z LN       -9546369.495   527923743.6
BANQ COLBERT       BD FP             -36259931.33    1574292181
BANQ NAT SUISS-N   BNS SW             -4267161939      5.52E+11
BARINA CONSTRUCT   3800988Z ID       -15711770.45   142567457.5
BAS HOLDING BV     3775792Z NA       -9652.300358   125821871.9
BASF PERFORMANCE   1598Z LN          -35298832.77    1084597595
BCH GROUP PLC      BCH LN            -5728447.595   187998896.2
BEGAR CONSTRUCCI   4413073Z SM       -154089924.8   215029526.1
BELGES -SERIES B   BELB SW           -893745521.6   37018974117
BEMOG HOLDING BV   3782400Z NA       -36867.13927   131874844.6
BENTLEY MOTORS L   1376666Z LN       -231095699.8   952710712.1
BERIEV AIRCR-BRD   TAKB* RU          -38474597.15   636498663.5
BERIEV AIRCR-BRD   TAKB RU           -38474597.15   636498663.5
BETFAIR LTD        83844Z LN         -78396193.01   470492129.2
BGE UK LTD         1653368Z LN       -31957706.96   460423898.3
BHFS ONE LTD       3804484Z LN       -28127755.95   259846721.7
BIOTER             BIOT1 EO             -23829660   155608222.9
BIOTER             BIOT1 EU             -23829660   155608222.9
BIOTER             BIOTG PZ             -23829660   155608222.9
BIOTER             BIOT GA              -23829660   155608222.9
BIOTER S.A.        BIOTY L3             -23829660   155608222.9
BIOTER S.A.        BIOTY B3             -23829660   155608222.9
BIOTER S.A.        BIOTY S2             -23829660   155608222.9
BIRMINGHAM MAILB   1781057Z LN       -6609169.513   116470467.1
BIRSE CIVILS LTD   1333506Z LN       -19911067.63   131366919.1
BKK VARME AS       4445833Z NO       -1073759.829   155465572.1
BL SP PROPERTIES   1255Q LN          -23486399.53   257455674.9
BL SP PROPERTIES   STPPF US          -23486399.53   257455674.9
BLACK HORSE LTD    1336426Z LN       -106973288.3    4066187621
BLENHEIM SHIPPIN   1225303Z LN       -33448690.06   323403866.7
BLUEWATER HOLDIN   3487556Z NA        -1656102998    2014770213
BMS ASSOCIATES L   4471719Z LN       -2791370.997     401417372
BMW NORGE AS       4413913Z NO       -6669664.505   124748386.4
BNB RECRUITMENT    BNB IX            -10242626.17   103637711.2
BNB RECRUITMENT    BNB LN            -10242626.17   103637711.2
BNB RECRUITMENT    BQX GR            -10242626.17   103637711.2
BNB RECRUITMENT    BNBRF US          -10242626.17   103637711.2
BNB RECRUITMENT    BNB PO            -10242626.17   103637711.2
BNP GUYANE         BNPG FP           -40559116.42   352047398.5
BOGDAN MOTORS      LUAZ UZ           -19015213.25   303496524.6
BORGELD MANAGEME   4778257Z NA       -81821.40017     246378742
BPM IRELAND PLC    4471855Z ID       -4595616.014     844447724
BRADSTOCK GROUP    BSKGF US          -1855503.819   268572388.5
BRADSTOCK GROUP    BDK LN            -1855503.819   268572388.5
BRENT WALKER GRO   754087Q LN         -1774306283   867084131.8
BRENT WALKER GRP   BWKGF US           -1774306283   867084131.8
BRIT BROADCAST     1517Z LN          -90866101.03    6000657566
BRIT TELECOM       9484 JP           -375502096.4   40097703217
BRIT TELECOM       BTE GR            -375502096.4   40097703217
BRIT TELECOM PLC   BTPWF US          -375502096.4   40097703217
BRIT TELECOM PLC   BT/A VX           -375502096.4   40097703217
BRIT TELECOM PLC   BTPLF US          -375502096.4   40097703217
BRIT TELECOM-ADR   1481Q CN          -375502096.4   40097703217
BRIT TELECOM-ADR   BTEA GR           -375502096.4   40097703217
BRIT TELECOM-RTS   BTY-R US          -375502096.4   40097703217
BRITISH TELE-FP    BT/F LN           -375502096.4   40097703217
BRITISH TELE-NP    BTPXF US          -375502096.4   40097703217
BRITISH TELE-NP    BT/N LN           -375502096.4   40097703217
BRIXTON GREAT WE   1242343Z LN       -23721760.45   160921160.6
BROKAT AG          BROFQ US          -27134800.92   143511443.1
BROKAT AG          BKISF US          -27134800.92   143511443.1
BROKAT AG          BROAF US          -27134800.92   143511443.1
BROKAT AG          BRKAF US          -27134800.92   143511443.1
BROKAT AG -NEW     BRJ1 GR           -27134800.92   143511443.1
BROKAT AG -NEW     BRJ1 NM           -27134800.92   143511443.1
BROKAT AG-ADR      BROA US           -27134800.92   143511443.1
BROKAT TECH -ADR   BROAQ US          -27134800.92   143511443.1
BROKAT TECH AG     BSA LN            -27134800.92   143511443.1
BROKAT TECH AG     BRJ NM            -27134800.92   143511443.1
BROKAT TECH AG     BRJ GR            -27134800.92   143511443.1
BROKAT TECH-ADR    BRJA GR           -27134800.92   143511443.1
BRUESA CONSTRUCC   4283093Z SM       -19748118.51   423960563.7
BSKYB LLU ASSETS   ESY LN            -13323427.13   573001458.7
BT GROUP PLC       BT/A QM           -375502096.4   40097703217
BT GROUP PLC       BT/APEN EO        -375502096.4   40097703217
BT GROUP PLC       BT/A TQ           -375502096.4   40097703217
BT GROUP PLC       BT/APEN EU        -375502096.4   40097703217
BT GROUP PLC       BT/ VX            -375502096.4   40097703217
BT GROUP PLC       BTQD S2           -375502096.4   40097703217
BT GROUP PLC       BTL S2            -375502096.4   40097703217
BT GROUP PLC       BT/A EB           -375502096.4   40097703217
BT GROUP PLC       BTQ GR            -375502096.4   40097703217
BT GROUP PLC       BT/A PO           -375502096.4   40097703217
BT GROUP PLC       BT/A BQ           -375502096.4   40097703217
BT GROUP PLC       BT IX             -375502096.4   40097703217
BT GROUP PLC       BT/A5 EO          -375502096.4   40097703217
BT GROUP PLC       BT QX             -375502096.4   40097703217
BT GROUP PLC       BT/A6 EO          -375502096.4   40097703217
BT GROUP PLC       BTQ GK            -375502096.4   40097703217
BT GROUP PLC       BT/A7 EO          -375502096.4   40097703217
BT GROUP PLC       BT/A8 EO          -375502096.4   40097703217
BT GROUP PLC       BT/A1 EO          -375502096.4   40097703217
BT GROUP PLC       BT/A S1           -375502096.4   40097703217
BT GROUP PLC       BT/AUSD EU        -375502096.4   40097703217
BT GROUP PLC       BT/AEUR EO        -375502096.4   40097703217
BT GROUP PLC       BTQ TH            -375502096.4   40097703217
BT GROUP PLC       BT/AEUR EU        -375502096.4   40097703217
BT GROUP PLC       BTGOF US          -375502096.4   40097703217
BT GROUP PLC       BT/A NQ           -375502096.4   40097703217
BT GROUP PLC       BT/A2 EO          -375502096.4   40097703217
BT GROUP PLC       BT/A9 EO          -375502096.4   40097703217
BT GROUP PLC       BTQD L3           -375502096.4   40097703217
BT GROUP PLC       BT/AUSD EO        -375502096.4   40097703217
BT GROUP PLC       BTL L3            -375502096.4   40097703217
BT GROUP PLC       BT/A EO           -375502096.4   40097703217
BT GROUP PLC       BT PZ             -375502096.4   40097703217
BT GROUP PLC       BT/A3 EO          -375502096.4   40097703217
BT GROUP PLC       BT/A EU           -375502096.4   40097703217
BT GROUP PLC       BTGOFN L3         -375502096.4   40097703217
BT GROUP PLC       BT/A LN           -375502096.4   40097703217
BT GROUP PLC       BT/A NR           -375502096.4   40097703217
BT GROUP PLC       BT/ EO            -375502096.4   40097703217
BT GROUP PLC       BTEG IX           -375502096.4   40097703217
BT GROUP PLC       BTQD B3           -375502096.4   40097703217
BT GROUP PLC       BT/AGBP EO        -375502096.4   40097703217
BT GROUP PLC       BT/A4 EO          -375502096.4   40097703217
BT GROUP PLC       BTGOFN B3         -375502096.4   40097703217
BT GROUP PLC       BTQ QT            -375502096.4   40097703217
BT GROUP PLC       BTL B3            -375502096.4   40097703217
BT GROUP PLC-ADR   BT/$ LN           -375502096.4   40097703217
BT GROUP PLC-W/I   BTWI LN           -375502096.4   40097703217
BT GROUP-ADR WI    BTY-W US          -375502096.4   40097703217
BT GROUP-CED BLK   BTYB AR           -375502096.4   40097703217
BT GROUP-CEDEAR    BTYC AR           -375502096.4   40097703217
BT GROUP-CEDEAR    BTB AR            -375502096.4   40097703217
BT GROUP-CEDEAR    BT AR             -375502096.4   40097703217
BT GROUP-CEDEAR    BTC AR            -375502096.4   40097703217
BT GROUP-CEDEAR    BTY AR            -375502096.4   40097703217
BT GROUP-CEDEAR    BTD AR            -375502096.4   40097703217
BT GROUP-CEDEAR    BTYD AR           -375502096.4   40097703217
BT GROUP-SPON AD   BTN MM            -375502096.4   40097703217
BT GROUP-SPON AD   BTQA GR           -375502096.4   40097703217
BT GROUP-SPON AD   BT US             -375502096.4   40097703217
BT GROUP-SPON AD   BTYN MM           -375502096.4   40097703217
BT GROUP-SPON AD   BT MM             -375502096.4   40097703217
BT GROUP-SPON AD   BTY US            -375502096.4   40097703217
BUMMASH OJSC-BRD   BUMM RU           -72781463.79   101116053.8
BUMMASH OJSC-BRD   BUMM* RU          -72781463.79   101116053.8
CAFIMA UK LTD      3795756Z LN       -25305047.16   327713869.7
CAISSE D'AMORTIS   211430Z FP           -1.85E+11   25139275408
CAJA ESPANA DE I   8245420Z SM        -1379128733   50004534301
CALEDONIAN ENVIR   3784Z LN          -22697076.58   118884242.3
CALSONIC KANSEI    2730264Z LN       -55236864.62   299341503.4
CALSONIC KANSEI    1541442Z LN       -13552420.65     264873165
CANARY WHARF FIN   1198063Z LN       -309900532.8    3951325073
CANTIERI DI PISA   4313125Z IM       -2612001.657   105470729.3
CAPITAL HOME LOA   3809804Z LN       -290874097.5    9582592884
CARCOOP FRANCE     4690569Z FP       -531946.3216   185619805.2
CARGONET           81784Z NO         -108989727.1   131082417.2
CARISBROOKE ANGL   3815488Z LN       -67890027.38     125400359
CARLISLE GROUP L   506819Q LN        -11904731.18   203553741.8
CARLSBERG IT A/S   4503891Z DC       -102665678.1   387242342.2
CARRERE GROUP      CRRHF US          -9829883.833   279916720.4
CARRERE GROUP      CARG FP           -9829883.833   279916720.4
CARRERE GROUP      CAR2 EO           -9829883.833   279916720.4
CARRERE GROUP      CAR2 EU           -9829883.833   279916720.4
CARRERE GROUP      XRR GR            -9829883.833   279916720.4
CARRERE GROUP      CRGP IX           -9829883.833   279916720.4
CARRERE GROUP      CARF PZ           -9829883.833   279916720.4
CARRERE GROUP SA   CAR FP            -9829883.833   279916720.4
CARRIER1 INT-AD+   CONE ES              -94729000     472360992
CARRIER1 INT-ADR   CONEE US             -94729000     472360992
CARRIER1 INT-ADR   CONEQ US             -94729000     472360992
CARRIER1 INTL      CJN NM               -94729000     472360992
CARRIER1 INTL      8133893Q GR          -94729000     472360992
CARRIER1 INTL      CJNA GR              -94729000     472360992
CARRIER1 INTL SA   CONEF US             -94729000     472360992
CARRIER1 INTL SA   1253Z SW             -94729000     472360992
CATTLES PLC        CTT LN            -599615492.2    3880885246
CATTLES PLC        CHOXF US          -599615492.2    3880885246
CATTLES PLC        CTTEUR EO         -599615492.2    3880885246
CATTLES PLC        0963776D TQ       -599615492.2    3880885246
CATTLES PLC        CTTSEK EU         -599615492.2    3880885246
CATTLES PLC        CTT NQ            -599615492.2    3880885246
CATTLES PLC        CTTUSD EU         -599615492.2    3880885246
CATTLES PLC        0915790D EB       -599615492.2    3880885246
CATTLES PLC        CTT PO            -599615492.2    3880885246
CATTLES PLC        CTTEUR EU         -599615492.2    3880885246
CATTLES PLC        CTTUSD EO         -599615492.2    3880885246
CATTLES PLC        CTTSEK EO         -599615492.2    3880885246
CATTLES PLC        CTT QM            -599615492.2    3880885246
CATTLES PLC        CTT PZ            -599615492.2    3880885246
CATTLES PLC        CTT EO            -599615492.2    3880885246
CATTLES PLC        0915787D IX       -599615492.2    3880885246
CATTLES PLC        0960894D BQ       -599615492.2    3880885246
CATTLES PLC        CTT NR            -599615492.2    3880885246
CATTLES PLC        CTTGBP EO         -599615492.2    3880885246
CATTLES PLC        CTT VX            -599615492.2    3880885246
CATTLES PLC        CZS GR            -599615492.2    3880885246
CATTLES PLC        CTT EU            -599615492.2    3880885246
CATTLES PLC-ADR    CHOXY US          -599615492.2    3880885246
CATTLES PLC-FPR    CTTF LN           -599615492.2    3880885246
CATTLES PLC-FPR    CTTF PZ           -599615492.2    3880885246
CATTLES PLC-NPR    CCTN PZ           -599615492.2    3880885246
CATTLES PLC-NPR    CTTN LN           -599615492.2    3880885246
CATTLES PLC-NPR    2843726Q EO       -599615492.2    3880885246
CATTLES PLC-NPR    CTTN PZ           -599615492.2    3880885246
CATTLES PLC-NPR    CTTN IX           -599615492.2    3880885246
CATTLES PLC-NPR    2843730Q EU       -599615492.2    3880885246
CATTLES PLC-NPR    2843734Q EO       -599615492.2    3880885246
CATTLES PLC-RFD    CTTR LN           -599615492.2    3880885246
CATTLES PLC-RFD    CTTR IX           -599615492.2    3880885246
CATTLES PLC-RFD    CTTR PZ           -599615492.2    3880885246
CB RICHARD ELLIS   1984326Z LN       -15005194.54   101088170.4
CDISCOUNT SA       4690913Z FP       -14710509.37     442569172
CEA INDUS-CIP      CDSEF US          -296450009.3   36203201141
CELAYA EMPARANZA   3642467Z SM       -46370880.14   210371904.6
CELSA MANUFACTUR   2011751Z LN       -364451.9997   509121207.7
CENTAR BANKA D.D   CEBAPHRK EO       -3853841.592   180958181.1
CENTAR BANKA D.D   CEBAPHRK EU       -3853841.592   180958181.1
CENTAR BANKA D.D   CEBAPA CZ         -3853841.592   180958181.1
CENTAR BANKA DD    CEBARHRK EO       -3853841.592   180958181.1
CENTAR BANKA DD    CEBARHRK EU       -3853841.592   180958181.1
CENTAR BANKA DD    CEBARA CZ         -3853841.592   180958181.1
CENTER PARCS EUR   235619Z NA        -6141720.638   682887891.2
CENTRAL EURO DIS   CEDC EU             -319755008    1107515008
CENTRAL EURO DIS   CEDCEUR EO          -319755008    1107515008
CENTRAL EURO DIS   CDC PW              -319755008    1107515008
CENTRAL EURO DIS   CEM GR              -319755008    1107515008
CENTRAL EURO DIS   CEDCQ US            -319755008    1107515008
CENTRAL EURO DIS   CEDC LI             -319755008    1107515008
CENTRAL EURO DIS   CEDC EO             -319755008    1107515008
CENTRAL EURO DIS   CEDCPLN EO          -319755008    1107515008
CENTRAL EURO DIS   CEDCPLN EU          -319755008    1107515008
CENTRAL EURO DIS   CDC PZ              -319755008    1107515008
CENTRAL EURO DIS   CEDCEUR EU          -319755008    1107515008
CENTRAL EURO DIS   CTL LI              -319755008    1107515008
CENTRAL EURO DIS   CEDC US             -319755008    1107515008
CENTRAL EUROPEAN   3276402Z NA       -4838847.523   186866740.9
CENTROSOLAR GR-N   C3ON GR           -16015657.93   146354372.5
CENTROSOLAR GROU   C3O EO            -16015657.93   146354372.5
CENTROSOLAR GROU   C3OAD B3          -16015657.93   146354372.5
CENTROSOLAR GROU   C3OA TH           -16015657.93   146354372.5
CENTROSOLAR GROU   C3OA BQ           -16015657.93   146354372.5
CENTROSOLAR GROU   C3OA GR           -16015657.93   146354372.5
CENTROSOLAR GROU   C3OA TQ           -16015657.93   146354372.5
CENTROSOLAR GROU   C3OAD L3          -16015657.93   146354372.5
CENTROSOLAR GROU   C3OAD S2          -16015657.93   146354372.5
CENTROSOLAR GROU   C3OUSD EO         -16015657.93   146354372.5
CENTROSOLAR GROU   C3O PZ            -16015657.93   146354372.5
CENTROSOLAR GROU   CSOG IX           -16015657.93   146354372.5
CENTROSOLAR GROU   C3O S1            -16015657.93   146354372.5
CENTROSOLAR GROU   C3O EU            -16015657.93   146354372.5
CENTROSOLAR GROU   CEOLF US          -16015657.93   146354372.5
CENTROSOLAR GROU   C3OUSD EU         -16015657.93   146354372.5
CENTROSOLAR GROU   C3O BQ            -16015657.93   146354372.5
CENTROSOLAR GROU   C3O GR            -16015657.93   146354372.5
CENTROSOLAR GROU   C3O TQ            -16015657.93   146354372.5
CENTROSOLAR GROU   C3O TH            -16015657.93   146354372.5
CENTROSOLAR GROU   C3OA QT           -16015657.93   146354372.5
CENTROSOLAR-RTS    3434314Z GR       -16015657.93   146354372.5
CEREP INVESTMENT   3638887Z SM       -70598386.38   288951995.8
CHATZIIOANNOU AV   HATZC GA          -54973436.99   102255716.8
CHATZIIONNOU HLD   HZI GR            -54973436.99   102255716.8
CHELSEA FOOTBALL   1508858Z LN       -849005432.9   522910649.8
CHEMOIL EUROPE B   3898634Z NA          -34470000     425707008
CHERNIGIVS M-GDR   CKU GR               -19979000     106551872
CHERNIGIVS MAN-M   CHIM UZ              -19979000     106551872
CHERNISHEVA        MPCH RM           -235787468.2   695367571.1
CHERNISHEVA        MPCH RU           -235787468.2   695367571.1
CHERNISHEVA        MPCH* RU          -235787468.2   695367571.1
CHRIST WATER TEC   CWT AV            -5754093.459   165990091.1
CHRIST WATER TEC   CWT EO            -5754093.459   165990091.1
CHRIST WATER TEC   CWT PZ            -5754093.459   165990091.1
CHRIST WATER TEC   CRSWF US          -5754093.459   165990091.1
CHRIST WATER TEC   8131204Q GR       -5754093.459   165990091.1
CHRIST WATER TEC   CWT EU            -5754093.459   165990091.1
CHRIST WATER TEC   CWTE IX           -5754093.459   165990091.1
CHRIST WATER-ADR   CRSWY US          -5754093.459   165990091.1
CHRYSALIS GROUP    CHSEUR EU         -16399586.02   124836284.8
CHRYSALIS GROUP    CHS PZ            -16399586.02   124836284.8
CHRYSALIS GROUP    CHS LN            -16399586.02   124836284.8
CHRYSALIS GROUP    CHS PO            -16399586.02   124836284.8
CHRYSALIS GROUP    CYGUF US          -16399586.02   124836284.8
CHRYSALIS GROUP    CHS EO            -16399586.02   124836284.8
CHRYSALIS GROUP    5CY GR            -16399586.02   124836284.8
CHRYSALIS GROUP    CHS EU            -16399586.02   124836284.8
CHRYSALIS GROUP    CHSGBP EO         -16399586.02   124836284.8
CHRYSALIS GROUP    CLYSF US          -16399586.02   124836284.8
CHRYSALIS GROUP    CHS IX            -16399586.02   124836284.8
CHRYSALIS GROUP    CHS VX            -16399586.02   124836284.8
CHRYSALIS GROUP    HR4 GR            -16399586.02   124836284.8
CHRYSALIS GROUP    CHSEUR EO         -16399586.02   124836284.8
CHRYSALIS GROUP    CHSUSD EO         -16399586.02   124836284.8
CHRYSALIS GROUP    CHSUSD EU         -16399586.02   124836284.8
CIA LA GOMERA AS   4401057Z NO       -14188999.71   111542579.2
CIMBER STERLING    CIMBE EU          -5227729.207   192575891.8
CIMBER STERLING    CIMBE EO          -5227729.207   192575891.8
CIMBER STERLING    CIMBER DC         -5227729.207   192575891.8
CIMBER STERLING    CIMBER BY         -5227729.207   192575891.8
CIRIO FINANZIARI   CRO IM            -422095936.7    1583083044
CIRIO FINANZIARI   FIY GR            -422095936.7    1583083044
CITY INN LTD       2196980Z LN       -38681609.96    1015295311
CLARANET GROUP L   4157581Z LN        -5642745.89   165416275.8
CLIFFORD CHANCE    1768609Z LN       -218753378.8   119651502.5
CLIPPER WINDPOWE   3470635Q LN         -168322000     436419008
CLIPPER WINDPOWE   CWPEUR EO           -168322000     436419008
CLIPPER WINDPOWE   CWPEUR EU           -168322000     436419008
CLIPPER WINDPOWE   C2W GR              -168322000     436419008
CLIPPER WINDPOWE   34706EUR EO         -168322000     436419008
CLIPPER WINDPOWE   34706EUR EU         -168322000     436419008
CLIPPER WINDPOWE   CWPA LN             -168322000     436419008
CLIPPER WINDPOWE   CWP EU              -168322000     436419008
CLIPPER WINDPOWE   CWP EO              -168322000     436419008
CLIPPER WINDPOWE   CWP LN              -168322000     436419008
CLIPPER WINDPOWE   CWP PG              -168322000     436419008
CLIPPER WINDPOWE   CWP IX              -168322000     436419008
CLIPPER WINDPOWE   CRPWF US            -168322000     436419008
CLIPPER WINDPOWE   CWP PZ              -168322000     436419008
CLUB CO HOLDINGS   4500035Z LN       -23743697.03   109720737.4
CMA CGM AGENCES    4746849Z FP       -10638831.52   162545865.7
CO DAS ENERGIAS    3794880Z PL       -2542665.906   115837812.1
CO-OPERATIVE PHA   3951852Z LN       -63197952.74     199515766
CODERE SA          CDRE B3             -257000149    2112958022
CODERE SA          CDRE L3             -257000149    2112958022
CODERE SA          CDR EB              -257000149    2112958022
CODERE SA          CDR IX              -257000149    2112958022
CODERE SA          CODEF US            -257000149    2112958022
CODERE SA          CDR EU              -257000149    2112958022
CODERE SA          CDR SM              -257000149    2112958022
CODERE SA          CDR TQ              -257000149    2112958022
CODERE SA          CDR S1              -257000149    2112958022
CODERE SA          CDRUSD EU           -257000149    2112958022
CODERE SA          4CD GR              -257000149    2112958022
CODERE SA          CDRUSD EO           -257000149    2112958022
CODERE SA          CDR EO              -257000149    2112958022
CODERE SA          CDRE S2             -257000149    2112958022
CODERE SA          CDRE PZ             -257000149    2112958022
COGNIS GMBH        575202Z GR        -745013993.7    3306935972
COIN SPA           GUCIF US          -154063920.1   800559778.4
COIN SPA           GC IX             -154063920.1   800559778.4
COIN SPA           965089Q GR        -154063920.1   800559778.4
COIN SPA-RTS       GCAA IM           -154063920.1   800559778.4
COIN SPA/OLD       GC IM             -154063920.1   800559778.4
COLT TELECOM BV    4511515Z NA       -15997403.43   123548994.5
COMMUNICORP GROU   1027859Z ID       -10254069.02   202942157.3
COMPAGNIA ITALIA   CGLUF US          -137731671.1   527392123.8
COMPAGNIA ITALIA   CITU IX           -137731671.1   527392123.8
COMPAGNIA ITALIA   ICT IM            -137731671.1   527392123.8
COMPASS GROU-OLD   1259Q LN          -668101173.9    2972459078
COMPASS GROUP      QOP GR            -668101173.9    2972459078
COMPASS GRP-ADR    CMSGY US          -668101173.9    2972459078
COMPASS GRP-ADR    CMSJY US          -668101173.9    2972459078
CONERGY AG         CGYGBP EO         -123446974.6   312014471.7
CONERGY AG         CGYK TQ           -123446974.6   312014471.7
CONERGY AG         CGYK BQ           -123446974.6   312014471.7
CONERGY AG         CEYHF US          -123446974.6   312014471.7
CONERGY AG         CGYK EU           -123446974.6   312014471.7
CONERGY AG         CGY PZ            -123446974.6   312014471.7
CONERGY AG         CGYKUSD EU        -123446974.6   312014471.7
CONERGY AG         CGY EB            -123446974.6   312014471.7
CONERGY AG         CGY IX            -123446974.6   312014471.7
CONERGY AG         CGY TQ            -123446974.6   312014471.7
CONERGY AG         CGY GR            -123446974.6   312014471.7
CONERGY AG         CGYK EB           -123446974.6   312014471.7
CONERGY AG         CGYK IX           -123446974.6   312014471.7
CONERGY AG         CGYGBX EO         -123446974.6   312014471.7
CONERGY AG         CGYK S1           -123446974.6   312014471.7
CONERGY AG         CGYK QM           -123446974.6   312014471.7
CONERGY AG         CGYKGBP EO        -123446974.6   312014471.7
CONERGY AG         CGY S1            -123446974.6   312014471.7
CONERGY AG         CGYUSD EU         -123446974.6   312014471.7
CONERGY AG         CGYKUSD EO        -123446974.6   312014471.7
CONERGY AG         CGY NQ            -123446974.6   312014471.7
CONERGY AG         CGYUSD EO         -123446974.6   312014471.7
CONERGY AG         CGY EU            -123446974.6   312014471.7
CONERGY AG         CGYK TH           -123446974.6   312014471.7
CONERGY AG         CGYKGBX EO        -123446974.6   312014471.7
CONERGY AG         CGY EO            -123446974.6   312014471.7
CONERGY AG         CGY BQ            -123446974.6   312014471.7
CONERGY AG         CGY TH            -123446974.6   312014471.7
CONERGY AG         CGYK PZ           -123446974.6   312014471.7
CONERGY AG         CGYK EO           -123446974.6   312014471.7
CONERGY AG         CGY QM            -123446974.6   312014471.7
CONERGY AG         CGYK GR           -123446974.6   312014471.7
CONERGY AG -RTS    CGYB GR           -123446974.6   312014471.7
CONERGY AG-ALTAK   CGY2 GR           -123446974.6   312014471.7
CONERGY AG-RTS     9274362Z GR       -123446974.6   312014471.7
CONNECT GROU-RTS   CNCF LN           -69818642.47   499012577.7
CONNECT GROU-RTS   CNCFGBX EU        -69818642.47   499012577.7
CONNECT GROU-RTS   CNCFGBX EO        -69818642.47   499012577.7
CONNECT GROUP PL   CNCTL B3          -69818642.47   499012577.7
CONNECT GROUP PL   CNCT LN           -69818642.47   499012577.7
CONNECT GROUP PL   CNCT PZ           -69818642.47   499012577.7
CONNECT GROUP PL   CNCTGBP EU        -69818642.47   499012577.7
CONNECT GROUP PL   CNCT TQ           -69818642.47   499012577.7
CONNECT GROUP PL   CNCT S1           -69818642.47   499012577.7
CONNECT GROUP PL   NWS S1            -69818642.47   499012577.7
CONNECT GROUP PL   NWS1 BQ           -69818642.47   499012577.7
CONNECT GROUP PL   NWS EB            -69818642.47   499012577.7
CONNECT GROUP PL   CNCTL S2          -69818642.47   499012577.7
CONNECT GROUP PL   NWS2 TQ           -69818642.47   499012577.7
CONNECT GROUP PL   CNCT EB           -69818642.47   499012577.7
CONNECT GROUP PL   CNCTGBP EO        -69818642.47   499012577.7
CONNECT GROUP PL   NWS PO            -69818642.47   499012577.7
CONNECT GROUP PL   CNCTEUR EO        -69818642.47   499012577.7
CONNECT GROUP PL   CNCT1GBP EO       -69818642.47   499012577.7
CONNECT GROUP PL   CNCT IX           -69818642.47   499012577.7
CONNECT GROUP PL   CNCTL L3          -69818642.47   499012577.7
CONNECT GROUP PL   CNCTEUR EU        -69818642.47   499012577.7
CONNECT GROUP PL   CNCT BQ           -69818642.47   499012577.7
CONNECT UTILITIE   2112683Z LN       -8340151.746   137723814.6
CONOCOPHILLIPS I   4526671Z ID       -216839004.8   609834013.3
CONOCOPHILLIPS W   3894318Z ID         -230298000     528524992
CONS NEWEN ENT     CWETF US            -347363008     314752992
CONS NEWEN ENT     CWE/T CN            -347363008     314752992
CONSTELLIUM HOLD   0777811D US       -44770001.41    3644520115
CONSTELLIUM HOLD   0616528D FP       -44770001.41    3644520115
CONSTELLIUM NV-A   CSTMUSD EU        -44770001.41    3644520115
CONSTELLIUM NV-A   CSTMUSD EO        -44770001.41    3644520115
CONSTELLIUM NV-A   CSTMEUR EO        -44770001.41    3644520115
CONSTELLIUM NV-A   CSTMP S2          -44770001.41    3644520115
CONSTELLIUM NV-A   CSTM US           -44770001.41    3644520115
CONSTELLIUM NV-A   CSTMP L3          -44770001.41    3644520115
CONSTELLIUM NV-A   C9O GR            -44770001.41    3644520115
CONSTELLIUM NV-A   CSTMP B3          -44770001.41    3644520115
CONSTELLIUM NV-A   CSTMEUR EU        -44770001.41    3644520115
CONSTELLIUM NV-A   CSTM FP           -44770001.41    3644520115
CONSTELLIUM NV-B   1222203D US       -44770001.41    3644520115
CONTENTFILM INTE   2532058Z LN        -9300904.46   126058510.9
CONVENIENCE FOOD   1555794Z LN       -134874451.3   765640046.7
COOPERATIE VOEDI   4378105Z NA       -142026.7053     639612430
COPERFIL GROUP     704457Z SM        -3700821.321   403822614.4
CORAL ESTATES LT   1077210Z LN       -3811477.291   130784942.2
CORAM INTERNATIO   3819084Z NA       -10476.88259   106710835.6
CORUS TUBES BV     4044829Z NA       -15669781.68   108585334.6
COSMOS SHIPPING    4174421Z NA       -1136567.873     304070874
CP - COMBOIOS DE   1005Z PL           -4195211526    1509194227
CPI MORTARS LTD    1751696Z LN       -30390399.86   115400452.3
CPP GROUP - ADR    CPGPY US          -45713644.72   135877096.4
CPP GROUP PLC      4CVD L3           -45713644.72   135877096.4
CPP GROUP PLC      CPPL L3           -45713644.72   135877096.4
CPP GROUP PLC      CPP LN            -45713644.72   135877096.4
CPP GROUP PLC      4CVD B3           -45713644.72   135877096.4
CPP GROUP PLC      CPPL B3           -45713644.72   135877096.4
CPP GROUP PLC      CPPEUR EU         -45713644.72   135877096.4
CPP GROUP PLC      CPPEUR EO         -45713644.72   135877096.4
CPP GROUP PLC      CPP EB            -45713644.72   135877096.4
CPP GROUP PLC      CPP IX            -45713644.72   135877096.4
CPP GROUP PLC      CPP TQ            -45713644.72   135877096.4
CPP GROUP PLC      CPP PZ            -45713644.72   135877096.4
CPP GROUP PLC      CPP QM            -45713644.72   135877096.4
CPP GROUP PLC      CPP EO            -45713644.72   135877096.4
CPP GROUP PLC      CPP NR            -45713644.72   135877096.4
CPP GROUP PLC      CPP EU            -45713644.72   135877096.4
CPP GROUP PLC      CPPGBP EO         -45713644.72   135877096.4
CPP GROUP PLC      4CV GK            -45713644.72   135877096.4
CPP GROUP PLC      CPP S1            -45713644.72   135877096.4
CPP GROUP PLC      CPP BQ            -45713644.72   135877096.4
CPP GROUP PLC      CPGPF US          -45713644.72   135877096.4
CPP GROUP PLC      4CV GR            -45713644.72   135877096.4
CPP GROUP PLC      CPPL S2           -45713644.72   135877096.4
CPP GROUP PLC      4CVD S2           -45713644.72   135877096.4
CRAEGMOOR LTD      1652880Z LN       -13908471.04   565526373.2
CREDITO FOND-RTS   CRFSA IM          -200209050.3    4213063202
CREDITO FONDIARI   CRF IM            -200209050.3    4213063202
CRESPI SPA         CRE1 IX           -42072998.36   291988991.4
CRESPI SPA         CRE EB            -42072998.36   291988991.4
CRESPI SPA         CRE1 TQ           -42072998.36   291988991.4
CRESPI SPA         CRE1 EO           -42072998.36   291988991.4
CRESPI SPA         CRE IM            -42072998.36   291988991.4
CRESPI SPA         GVCIF US          -42072998.36   291988991.4
CRESPI SPA         CRE BQ            -42072998.36   291988991.4
CRESPI SPA         LG5 GR            -42072998.36   291988991.4
CRESPI SPA         CRE1 PZ           -42072998.36   291988991.4
CRESPI SPA         CRE1 EU           -42072998.36   291988991.4
CSC COMPUTER SCI   3894278Z LN       -153050119.7    2920396956
CUCINA LUX INVES   4503083Z LN       -978222246.1    3210325190
D/S TORM           3424559Q IX         -163995008    1384248960
D/S TORM           TORDF US            -163995008    1384248960
D/S TORM           ADSSF US            -163995008    1384248960
D/S TORM           TORM NR             -163995008    1384248960
DANA PETROLEUM N   ENER NO           -49442800.46   261409223.6
DANIILIDIS PA-RT   DANILR GA         -101793528.3   620604212.3
DANIILIDIS PANAG   DANIL GA          -101793528.3   620604212.3
DANKA BUS SYSTEM   3205283Q EO         -497126976     121439000
DANKA BUS SYSTEM   3205287Q EU         -497126976     121439000
DANKA BUS SYSTEM   DNK VX              -497126976     121439000
DANKA BUS SYSTEM   DNK IX              -497126976     121439000
DANKA BUS SYSTEM   DNK LN              -497126976     121439000
DANKA BUS SYSTEM   DANKF US            -497126976     121439000
DANKA BUS SYSTEM   3205291Q EO         -497126976     121439000
DANKA BUS SYSTEM   DNK PZ              -497126976     121439000
DANKA BUS SYSTEM   DNK PO              -497126976     121439000
DANKA BUS-$US CE   DANKD AR            -497126976     121439000
DANKA BUS-ADR      DB6 GR              -497126976     121439000
DANKA BUS-ADR      AP39 LI             -497126976     121439000
DANKA BUS-ADR      DANKY US            -497126976     121439000
DANKA BUS-ADR      DANKE US            -497126976     121439000
DANKA BUS-BLK CE   DANKB AR            -497126976     121439000
DANKA BUS-C/E CE   DANKC AR            -497126976     121439000
DANKA BUS-CEDEAR   DANK AR             -497126976     121439000
DANNEMORA MI-NEW   DMABBTA1 SS        -44638010.5   159769983.1
DANNEMORA MI-RTS   DMABTRB SS         -44638010.5   159769983.1
DANNEMORA MINE-A   0122312D SS        -44638010.5   159769983.1
DANNEMORA MINERA   DMABB EU           -44638010.5   159769983.1
DANNEMORA MINERA   DMABNOK SS         -44638010.5   159769983.1
DANNEMORA MINERA   DMABBO S2          -44638010.5   159769983.1
DANNEMORA MINERA   DMABB EO           -44638010.5   159769983.1
DANNEMORA MINERA   DMABBNOK EO        -44638010.5   159769983.1
DANNEMORA MINERA   DMABBO B3          -44638010.5   159769983.1
DANNEMORA MINERA   DMAB SS            -44638010.5   159769983.1
DANNEMORA MINERA   DMABB NO           -44638010.5   159769983.1
DANNEMORA MINERA   59P GR             -44638010.5   159769983.1
DANNEMORA MINERA   DMABBO L3          -44638010.5   159769983.1
DANNEMORA MINERA   DMABBNOK EU        -44638010.5   159769983.1
DANNEMORA MINERA   DMABB PZ           -44638010.5   159769983.1
DANNEMORA MINERA   DMABB SS           -44638010.5   159769983.1
DANNEMORA MINERA   DMABBNOK BY        -44638010.5   159769983.1
DANNEMORA MINERA   DMABB BY           -44638010.5   159769983.1
DARTY PLC          KE4 GK            -418911342.6    1563994117
DARTY PLC          DRTY1 IX          -418911342.6    1563994117
DARTY PLC          KESA2 EO          -418911342.6    1563994117
DARTY PLC          DRTY EB           -418911342.6    1563994117
DARTY PLC          KESA4 EO          -418911342.6    1563994117
DARTY PLC          DRTY EU           -418911342.6    1563994117
DARTY PLC          KESAF US          -418911342.6    1563994117
DARTY PLC          KESA TQ           -418911342.6    1563994117
DARTY PLC          DRTY IX           -418911342.6    1563994117
DARTY PLC          DRTYEUR EU        -418911342.6    1563994117
DARTY PLC          DRTYL B3          -418911342.6    1563994117
DARTY PLC          DRTYI GR          -418911342.6    1563994117
DARTY PLC          KESA9 EO          -418911342.6    1563994117
DARTY PLC          KESA5 EO          -418911342.6    1563994117
DARTY PLC          KESA3 EO          -418911342.6    1563994117
DARTY PLC          DRTYP L3          -418911342.6    1563994117
DARTY PLC          KSA FP            -418911342.6    1563994117
DARTY PLC          KESA NR           -418911342.6    1563994117
DARTY PLC          DRTY QM           -418911342.6    1563994117
DARTY PLC          KESA QM           -418911342.6    1563994117
DARTY PLC          DRTYUSD EO        -418911342.6    1563994117
DARTY PLC          KESA EB           -418911342.6    1563994117
DARTY PLC          KESA8 EO          -418911342.6    1563994117
DARTY PLC          DRTY1 EB          -418911342.6    1563994117
DARTY PLC          DRTY TQ           -418911342.6    1563994117
DARTY PLC          KESA6 EO          -418911342.6    1563994117
DARTY PLC          KESAFN B3         -418911342.6    1563994117
DARTY PLC          KESA BQ           -418911342.6    1563994117
DARTY PLC          DRTYP B3          -418911342.6    1563994117
DARTY PLC          DRTYL S2          -418911342.6    1563994117
DARTY PLC          KESAFN L3         -418911342.6    1563994117
DARTY PLC          DRTY FP           -418911342.6    1563994117
DARTY PLC          KESA EO           -418911342.6    1563994117
DARTY PLC          DRTYUSD EU        -418911342.6    1563994117
DARTY PLC          DRTY1 TQ          -418911342.6    1563994117
DARTY PLC          DRTYEUR EO        -418911342.6    1563994117
DARTY PLC          DRTYL L3          -418911342.6    1563994117
DARTY PLC          DRTYGBP EO        -418911342.6    1563994117
DARTY PLC          DRTYP S2          -418911342.6    1563994117
DARTY PLC          KESA IX           -418911342.6    1563994117
DARTY PLC          KESA NQ           -418911342.6    1563994117
DARTY PLC          KE4 GR            -418911342.6    1563994117
DARTY PLC          DRTY EO           -418911342.6    1563994117
DARTY PLC          KES1 EO           -418911342.6    1563994117
DARTY PLC          KESA S1           -418911342.6    1563994117
DARTY PLC          KESA7 EO          -418911342.6    1563994117
DARTY PLC          DRTY LN           -418911342.6    1563994117
DARTY PLC          KESA PO           -418911342.6    1563994117
DAVENHAM GROUP P   DAV PG            -57318753.57   114702989.3
DAVENHAM GROUP P   DAV EO            -57318753.57   114702989.3
DAVENHAM GROUP P   DAH TH            -57318753.57   114702989.3
DAVENHAM GROUP P   DAVEUR EU         -57318753.57   114702989.3
DAVENHAM GROUP P   DAV PZ            -57318753.57   114702989.3
DAVENHAM GROUP P   DAH GR            -57318753.57   114702989.3
DAVENHAM GROUP P   DAV EU            -57318753.57   114702989.3
DAVENHAM GROUP P   DAVEUR EO         -57318753.57   114702989.3
DAVENHAM GROUP P   DAV LN            -57318753.57   114702989.3
DE LA RUE PLC      DLAR IX           -191504970.4   754649781.4
DE LA RUE PLC      DLAR QX           -191504970.4   754649781.4
DE LA RUE PLC      DLARL S2          -191504970.4   754649781.4
DE LA RUE PLC      DLAR3 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLAR7 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLA EO            -191504970.4   754649781.4
DE LA RUE PLC      DLAR4 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLAR EO           -191504970.4   754649781.4
DE LA RUE PLC      DLAR NR           -191504970.4   754649781.4
DE LA RUE PLC      DLAR1 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLAR PZ           -191504970.4   754649781.4
DE LA RUE PLC      DLAREUR EU        -191504970.4   754649781.4
DE LA RUE PLC      DLARCHF EU        -191504970.4   754649781.4
DE LA RUE PLC      DLAR VX           -191504970.4   754649781.4
DE LA RUE PLC      DL1B GR           -191504970.4   754649781.4
DE LA RUE PLC      DLARF US          -191504970.4   754649781.4
DE LA RUE PLC      DLAR LN           -191504970.4   754649781.4
DE LA RUE PLC      DLAR2 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLAR5 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLAR6 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLAR PO           -191504970.4   754649781.4
DE LA RUE PLC      DLARUSD EO        -191504970.4   754649781.4
DE LA RUE PLC      DL1C GR           -191504970.4   754649781.4
DE LA RUE PLC      DLAR QM           -191504970.4   754649781.4
DE LA RUE PLC      DLARUSD EU        -191504970.4   754649781.4
DE LA RUE PLC      DL1 GR            -191504970.4   754649781.4
DE LA RUE PLC      DELRF US          -191504970.4   754649781.4
DE LA RUE PLC      DL1C GK           -191504970.4   754649781.4
DE LA RUE PLC      DLAR S1           -191504970.4   754649781.4
DE LA RUE PLC      DLAR TQ           -191504970.4   754649781.4
DE LA RUE PLC      DLARCHF EO        -191504970.4   754649781.4
DE LA RUE PLC      DLAR BQ           -191504970.4   754649781.4
DE LA RUE PLC      DLARL B3          -191504970.4   754649781.4
DE LA RUE PLC      DL1A GR           -191504970.4   754649781.4
DE LA RUE PLC      DLAR EB           -191504970.4   754649781.4
DE LA RUE PLC      DLAR NQ           -191504970.4   754649781.4
DE LA RUE PLC      DLAR EU           -191504970.4   754649781.4
DE LA RUE PLC      DLAR8 EO          -191504970.4   754649781.4
DE LA RUE PLC      DLARL L3          -191504970.4   754649781.4
DE LA RUE PLC      DLRUF US          -191504970.4   754649781.4
DE LA RUE PLC      DLARGBP EO        -191504970.4   754649781.4
DE LA RUE PLC      DLAREUR EO        -191504970.4   754649781.4
DE LA RUE PLC      DLAR9 EO          -191504970.4   754649781.4
DE LA RUE-ADR      DLUEY US          -191504970.4   754649781.4
DE LA RUE-ADR      DERUY US          -191504970.4   754649781.4
DE LA RUE-PREF     DLAP PZ           -191504970.4   754649781.4
DE LA RUE-PREF     DLAP LN           -191504970.4   754649781.4
DE LA RUE-PREF     3115438Q EU       -191504970.4   754649781.4
DE STEFANO INVES   3814768Z LN        -1732230.02     173800412
DESMET BALLESTRA   2850262Z BB       -53278497.25   285006991.6
DEVELICA DEUTSCH   DDE PG            -79827494.88    1139643575
DEVELICA DEUTSCH   DDE LN            -79827494.88    1139643575
DEVELICA DEUTSCH   DDE PZ            -79827494.88    1139643575
DEVELICA DEUTSCH   D4B GR            -79827494.88    1139643575
DEVELICA DEUTSCH   DDE IX            -79827494.88    1139643575
DF DEUTSCHE FORF   DE6 EU            -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6D L3           -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6 S1            -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6 EO            -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6D B3           -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6D S2           -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6 TH            -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6 QT            -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6 TQ            -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6G IX           -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6 PZ            -1623242.145   115119022.6
DF DEUTSCHE FORF   DE6 GR            -1623242.145   115119022.6
DFS FURNITURE      DF0 GR            -125918322.6    1112727423
DFS FURNITURE      DFSGBX EO         -125918322.6    1112727423
DFS FURNITURE      DFSGBX EU         -125918322.6    1112727423
DFS FURNITURE      DFS LN            -125918322.6    1112727423
DFS FURNITURE      DFSL TQ           -125918322.6    1112727423
DFS FURNITURE      DFSL EB           -125918322.6    1112727423
DFS FURNITURE      DFSL IX           -125918322.6    1112727423
DFS FURNITURE LT   1236466D LN       -125918322.6    1112727423
DIAMOND RESORT H   1710824Z LN       -59240015.95   230240894.2
DIAS AQUA-R REPO   DIFFV11 GA        -122191812.7   122791821.7
DIAS AQUACU-REPO   DIFFL11 GA        -122191812.7   122791821.7
DIAS AQUACULTURE   DIFF EU           -122191812.7   122791821.7
DIAS AQUACULTURE   DIFF GA           -122191812.7   122791821.7
DIAS AQUACULTURE   DIFFY B3          -122191812.7   122791821.7
DIAS AQUACULTURE   DIFFY S2          -122191812.7   122791821.7
DIAS AQUACULTURE   DIFFY L3          -122191812.7   122791821.7
DIAS AQUACULTURE   DIFF PZ           -122191812.7   122791821.7
DIAS AQUACULTURE   DIFF EO           -122191812.7   122791821.7
DIBAQ DIPROTEG     937530Z SM        -6314112.019   147817872.4
DIGNITY PLC        DTYL S1           -143874501.3   936661888.4
DIGNITY PLC        DTY VX            -143874501.3   936661888.4
DIGNITY PLC        DTY9 EO           -143874501.3   936661888.4
DIGNITY PLC        DTY NR            -143874501.3   936661888.4
DIGNITY PLC        DTY1 EO           -143874501.3   936661888.4
DIGNITY PLC        DTYEUR EU         -143874501.3   936661888.4
DIGNITY PLC        DTYL S2           -143874501.3   936661888.4
DIGNITY PLC        DTY10 EO          -143874501.3   936661888.4
DIGNITY PLC        DTY PZ            -143874501.3   936661888.4
DIGNITY PLC        DTYL L3           -143874501.3   936661888.4
DIGNITY PLC        DTY5 EO           -143874501.3   936661888.4
DIGNITY PLC        DTYEUR EO         -143874501.3   936661888.4
DIGNITY PLC        DTY QM            -143874501.3   936661888.4
DIGNITY PLC        DN8A GK           -143874501.3   936661888.4
DIGNITY PLC        DTY8 EO           -143874501.3   936661888.4
DIGNITY PLC        DTY6 EO           -143874501.3   936661888.4
DIGNITY PLC        DTY EB            -143874501.3   936661888.4
DIGNITY PLC        DTYGBP EO         -143874501.3   936661888.4
DIGNITY PLC        DTY EU            -143874501.3   936661888.4
DIGNITY PLC        DN8B GR           -143874501.3   936661888.4
DIGNITY PLC        DTY NQ            -143874501.3   936661888.4
DIGNITY PLC        DN8 GR            -143874501.3   936661888.4
DIGNITY PLC        DTYUSD EU         -143874501.3   936661888.4
DIGNITY PLC        DTYL B3           -143874501.3   936661888.4
DIGNITY PLC        DTY3 EO           -143874501.3   936661888.4
DIGNITY PLC        DGNYF US          -143874501.3   936661888.4
DIGNITY PLC        DN8E GR           -143874501.3   936661888.4
DIGNITY PLC        DN8D GR           -143874501.3   936661888.4
DIGNITY PLC        DTY S1            -143874501.3   936661888.4
DIGNITY PLC        DTY IX            -143874501.3   936661888.4
DIGNITY PLC        DTY LN            -143874501.3   936661888.4
DIGNITY PLC        DTY7 EO           -143874501.3   936661888.4
DIGNITY PLC        DTY PO            -143874501.3   936661888.4
DIGNITY PLC        DTY TQ            -143874501.3   936661888.4
DIGNITY PLC        DTY BQ            -143874501.3   936661888.4
DIGNITY PLC        DTY EO            -143874501.3   936661888.4
DIGNITY PLC        DTY2 EO           -143874501.3   936661888.4
DIGNITY PLC        DTYUSD EO         -143874501.3   936661888.4
DIGNITY PLC        DTY4 EO           -143874501.3   936661888.4
DIGNITY PLC        DN8A GR           -143874501.3   936661888.4
DIGNITY-UNSP ADR   DGNTY US          -143874501.3   936661888.4
DIMA COSTRUZIONI   4526911Z IM        -14681477.1   426157772.4
DIMAFIN SPA        2727163Z IM       -63237310.55   270853808.6
DIOKI DD           DIOKRHRK EU       -38207781.04   346383251.3
DIOKI DD           DIOKRA CZ         -38207781.04   346383251.3
DIOKI DD           DIOKRHRK EO       -38207781.04   346383251.3
DISENOS URBANOS    4367969Z SM       -2536463.405   337554175.8
DLJ UK HOLDING     1774497Z LN         -105638000    4363095040
DNEPROPETROVSK     DMZP UZ             -135620115   517236634.7
DNIPROVSKY IRON    DMKD UZ             -377295526    1251619779
DONCASTERS GROUP   996146Z LN        -432538259.6    1612203119
DOUX SA            3102738Z FP       -158236168.9   870523700.3
DRIVE ASSIST HOL   3641135Z LN       -526668613.4   370637648.1
DTZ DEBENHAM TIE   1637608Z LN       -127198668.5   136733329.8
DUFERCO LA LOUVI   4169149Z BB       -102578634.2   322222513.5
DYNAMOBEL          828524Z SM        -6654013.893   118562072.6
EAST LONDON BUS    4453289Z LN       -25646993.29   493649937.7
EAST-SIBERIA-BRD   VSNK RU           -92283731.58   299863617.2
EAST-SIBERIA-BRD   VSNK* RU          -92283731.58   299863617.2
EAST-SIBERIAN-BD   VSNK$ RU          -92283731.58   299863617.2
EASYDIS SAS        4470559Z FP       -7560619.382   256995570.2
EASYNET GROUP      ESY PO            -13323427.13   573001458.7
EASYNET GROUP      EZNGF US          -13323427.13   573001458.7
EASYNET GROUP      EAY GR            -13323427.13   573001458.7
EASYNET GROUP      ESY VX            -13323427.13   573001458.7
EASYNET GROUP-CV   91009Z LN         -13323427.13   573001458.7
EATON ELECTRIC B   2017671Z NA       -1841796.041     130595897
EATON ELECTRIC L   2342667Z LN       -54667.79995   196611914.2
ECONOMIST NEWSPA   6888Z LN           -17266078.7   388318853.7
ECS COMPUTER SYS   ECS FP            -109890400.7   681800759.1
EDENRED            EDEN QM            -1597200050    4990040157
EDENRED            EDEN S1            -1597200050    4990040157
EDENRED            EDENP S2           -1597200050    4990040157
EDENRED            EDEN EO            -1597200050    4990040157
EDENRED            EDNMF US           -1597200050    4990040157
EDENRED            EDEN IX            -1597200050    4990040157
EDENRED            EDENP B3           -1597200050    4990040157
EDENRED            EDEN EU            -1597200050    4990040157
EDENRED            EDEN EB            -1597200050    4990040157
EDENRED            EDENUSD EU         -1597200050    4990040157
EDENRED            QSV GR             -1597200050    4990040157
EDENRED            EDEN PZ            -1597200050    4990040157
EDENRED            EDEN QX            -1597200050    4990040157
EDENRED            QSV QT             -1597200050    4990040157
EDENRED            EDEN TQ            -1597200050    4990040157
EDENRED            EDEN FP            -1597200050    4990040157
EDENRED            QSV TH             -1597200050    4990040157
EDENRED            EDENP L3           -1597200050    4990040157
EDENRED            EDEN BQ            -1597200050    4990040157
EDENRED            EDEN LI            -1597200050    4990040157
EDENRED            EDENUSD EO         -1597200050    4990040157
EDENRED - NEW      EDENV EU           -1597200050    4990040157
EDENRED - NEW      EDENVEUR EO        -1597200050    4990040157
EDENRED - NEW      EDENV FP           -1597200050    4990040157
EDENRED - NEW      0931985D FP        -1597200050    4990040157
EDENRED - NEW      09317EUR EU        -1597200050    4990040157
EDENRED - NEW      09317EUR EO        -1597200050    4990040157
EDENRED SA-ADR     EDNMY US           -1597200050    4990040157
EDENRED-NEW        0931986D FP        -1597200050    4990040157
EDENRED-NEW        0675161D FP        -1597200050    4990040157
EDF EN OUTRE MER   4679713Z FP       -10380130.59     110553300
EDRASIS C. PSALL   EDRAR GA          -114527235.1   168611130.1
EDRASIS PSALIDAS   EDRA GA           -114527235.1   168611130.1
EDRASIS PSALIDAS   EPP GR            -114527235.1   168611130.1
EDRASIS PSALIDAS   EDRA PZ           -114527235.1   168611130.1
EDRASIS PSALIDAS   EDRA EO           -114527235.1   168611130.1
EDRASIS PSALIDAS   EDRA EU           -114527235.1   168611130.1
EDRASIS-AUCTION    EDRAE GA          -114527235.1   168611130.1
EIRCOM LTD         EIRCF US          -641146517.4    2926124913
EIRCOM LTD         378739Q VX        -641146517.4    2926124913
EIRCOM LTD         91174Q GR         -641146517.4    2926124913
EIRCOM LTD OLD     EIR ID            -641146517.4    2926124913
EIRCOM LTD-ADR     3327279Q US       -641146517.4    2926124913
EIRCOM LTD/OLD     314787Q LN        -641146517.4    2926124913
EITZEN CHEMI-ADR   EITZY US            -295420992     742657024
EITZEN CHEMICAL    ECHEM NO            -295420992     742657024
EITZEN CHEMICAL    ECHEMO L3           -295420992     742657024
EITZEN CHEMICAL    ECHEM EO            -295420992     742657024
EITZEN CHEMICAL    ECHEMO S2           -295420992     742657024
EITZEN CHEMICAL    ECHEM EU            -295420992     742657024
EITZEN CHEMICAL    ECHM IX             -295420992     742657024
EITZEN CHEMICAL    ECHEM SS            -295420992     742657024
EITZEN CHEMICAL    ECHEMEUR EU         -295420992     742657024
EITZEN CHEMICAL    1235289D NO         -295420992     742657024
EITZEN CHEMICAL    E8H GR              -295420992     742657024
EITZEN CHEMICAL    ECHEMO B3           -295420992     742657024
EITZEN CHEMICAL    ECHEM TQ            -295420992     742657024
EITZEN CHEMICAL    ECHEM BY            -295420992     742657024
EITZEN CHEMICAL    ECHEM PZ            -295420992     742657024
EITZEN CHEMICAL    ECHEMEUR EO         -295420992     742657024
EITZEN CHEMICAL    CHEM NO             -295420992     742657024
EITZEN CHEMICAL    EITZF US            -295420992     742657024
ELECTRABEL CUSTO   4469455Z AV       -24033524.65    3127573353
ELECTRAWINDS S-B   0699494D GR       -99949570.21   504294062.4
ELECTRAWINDS SE    EWID S2           -99949570.21   504294062.4
ELECTRAWINDS SE    EWID B3           -99949570.21   504294062.4
ELECTRAWINDS SE    EWI GR            -99949570.21   504294062.4
ELECTRAWINDS SE    EWID L3           -99949570.21   504294062.4
ELECTRAWINDS SE    ECT2 EU           -99949570.21   504294062.4
ELECTRAWINDS SE    EPNTF US          -99949570.21   504294062.4
ELECTRAWINDS SE    ECT2 EO           -99949570.21   504294062.4
ELITE HOTELS ROT   3818480Z LN       -14885480.51     169830462
ELITE SHIPPING     ELSP DC           -27715992.18   100892901.9
ELLERSTON GEMS O   4781417Z ID        -4056745.81   195867216.9
EM.TV & MERC-NEW   ETV1 NM           -22067243.56   849175624.7
EM.TV & MERC-NEW   ETV1 GR           -22067243.56   849175624.7
EM.TV & MERC-RTS   ETV8 GR           -22067243.56   849175624.7
EM.TV & MERC-RTS   ETV8 NM           -22067243.56   849175624.7
EM.TV & MERCHAND   EMTVF US          -22067243.56   849175624.7
EM.TV & MERCHAND   ETV NM            -22067243.56   849175624.7
EM.TV & MERCHAND   ETV VX            -22067243.56   849175624.7
EM.TV & MERCHAND   985403Q GR        -22067243.56   849175624.7
EM.TV & MERCHAND   ETV LN            -22067243.56   849175624.7
EM.TV & MERCHAND   0881480D US       -22067243.56   849175624.7
EMCOR GROUP UK P   376717Z LN        -6538600.194     173540446
EMI GROUP -ASSD    EMIA LN            -2265973885    2950096964
EMI GROUP LTD      EMI LN             -2265973885    2950096964
EMI GROUP PLC      EMI IX             -2265973885    2950096964
EMI GROUP PLC      EMI PO             -2265973885    2950096964
EMI GROUP PLC      3020138Q GR        -2265973885    2950096964
EMI GROUP PLC      EMI VX             -2265973885    2950096964
EMI GROUP PLC      EMIPF US           -2265973885    2950096964
EMI GROUP PLC-B    1019425Q LN        -2265973885    2950096964
EMI GROUP-ADR      EMI$ LN            -2265973885    2950096964
EMI GROUP-ADR      38IS LN            -2265973885    2950096964
EMI GROUP-ADR      EMIPY US           -2265973885    2950096964
EMPEDOS SA         EMPEDEUR EU       -33637669.62   174742646.9
EMPEDOS SA         EMPEDEUR EO       -33637669.62   174742646.9
EMPEDOS SA         EMPED GA          -33637669.62   174742646.9
EMPEDOS SA-RTS     EMPEDR GA         -33637669.62   174742646.9
EMPRESA DE DESEN   3635623Z PL       -474057586.2   908088594.2
ENER PETROLEUM A   ENEPF US          -49442800.46   261409223.6
ENERGY POWER RES   510443Z LN        -33955843.59   146607640.8
EQUANT NV          815090Q GR        -161280537.3   766114863.8
EQUANT NV          EQT LN            -161280537.3   766114863.8
EQUANT NV          178235Z FP        -161280537.3   766114863.8
EQUANT NV          ENTTF US          -161280537.3   766114863.8
EQUANT NV          EQATF US          -161280537.3   766114863.8
EQUANT NV          EQU FP            -161280537.3   766114863.8
EQUANT NV          EQU VX            -161280537.3   766114863.8
EQUANT NV-EX DIS   ENT-W US          -161280537.3   766114863.8
EQUANT NV-NY SHR   688153Q US        -161280537.3   766114863.8
EQUANT NV-NY SHR   EQUR GR           -161280537.3   766114863.8
EQUITY INSURANCE   1675200Z LN       -111525678.8   387274841.6
ERM GROUP HOLDIN   3125976Z LN         -175924992     616248000
ESTALEIROS NAVAI   4507307Z PL         -182902840     188576452
ETEM -RTS          ETEMR GA           -7598573.75   160361172.3
ETEM-LIGHT METAL   ETEM GA            -7598573.75   160361172.3
ETEM-LIGHT METAL   ETEM PZ            -7598573.75   160361172.3
ETEM-LIGHT METAL   ETEM EO            -7598573.75   160361172.3
ETEM-LIGHT METAL   ETEM EU            -7598573.75   160361172.3
ETHEL AUSTIN INV   1089202Z LN       -38259689.04   225745160.1
ETHICAL HLDG-ADR   ETHCY US             -88448000     171107008
EUPHONY HOLDINGS   4449041Z LN       -22471921.86   112865190.8
EURCO FINANCE      3799980Z ID       -48644964.48   679151283.8
EURO -RTS TBA      1234161D FP         -250559359    2728116488
EURO DISNEY SCA    EDLB BB             -250559359    2728116488
EURO DISNEY SCA    EDIS CN             -250559359    2728116488
EURO DISNEY SCA    EUDI LI             -250559359    2728116488
EURO DISNEY SCA    EDIS BB             -250559359    2728116488
EURO DISNEY SCA    1234160D FP         -250559359    2728116488
EURO DISNEY SCA    1234159D FP         -250559359    2728116488
EURO DISNEY-ADR    1800P US            -250559359    2728116488
EURO DISNEY-NEW    EDLN FP             -250559359    2728116488
EURO DISNEY-NONR   ERDBF US            -250559359    2728116488
EURO DISNEY-NONR   3663498Q PZ         -250559359    2728116488
EURO DISNEY-NONR   EDIG IX             -250559359    2728116488
EURO DISNEY-NONR   EDLY IX             -250559359    2728116488
EURO DISNEY-NONR   2862682Q EO         -250559359    2728116488
EURO DISNEY-NONR   2862678Q EU         -250559359    2728116488
EURO DISNEY-NONR   EDLNR FP            -250559359    2728116488
EURO DISNEY-NONR   EDI GR              -250559359    2728116488
EURO DISNEY-NP     EUDN LN             -250559359    2728116488
EURO DISNEY-OLD    EURD BB             -250559359    2728116488
EURO DISNEY-RCPT   EUD LN              -250559359    2728116488
EURO DISNEY-RCPT   ERDDF US            -250559359    2728116488
EURO DISNEY-RCPT   EUD VX              -250559359    2728116488
EURO DISNEY-RCPT   EUD PO              -250559359    2728116488
EURO DISNEY-REGR   EDL FP              -250559359    2728116488
EURO DISNEY-REGR   EDLP IX             -250559359    2728116488
EURO DISNEY-REGR   EDL EU              -250559359    2728116488
EURO DISNEY-REGR   EDL BQ              -250559359    2728116488
EURO DISNEY-REGR   EDLP L3             -250559359    2728116488
EURO DISNEY-REGR   EDL EB              -250559359    2728116488
EURO DISNEY-REGR   EDLP PZ             -250559359    2728116488
EURO DISNEY-REGR   EDIA TH             -250559359    2728116488
EURO DISNEY-REGR   EDLP B3             -250559359    2728116488
EURO DISNEY-REGR   EDL1 TH             -250559359    2728116488
EURO DISNEY-REGR   EDL TQ              -250559359    2728116488
EURO DISNEY-REGR   EDL S1              -250559359    2728116488
EURO DISNEY-REGR   EDL IX              -250559359    2728116488
EURO DISNEY-REGR   EDL EO              -250559359    2728116488
EURO DISNEY-REGR   EUDSF US            -250559359    2728116488
EURO DISNEY-REGR   EDL QM              -250559359    2728116488
EURO DISNEY-REGR   EDIA GR             -250559359    2728116488
EURO DISNEY-REGR   EDLP S2             -250559359    2728116488
EURO DISNEY-RGT    EDI1 GR             -250559359    2728116488
EURO DISNEY-RGT    1229818D FP         -250559359    2728116488
EURO DISNEY-RTS    EDLDSP EB           -250559359    2728116488
EURO DISNEY-RTS    EDISS5 BB           -250559359    2728116488
EURO DISNEY-RTS    EDLDS FP            -250559359    2728116488
EURO DISNEY-RTS    EDLDSEUR EU         -250559359    2728116488
EURO DISNEY-RTS    ERDYF US            -250559359    2728116488
EURO DISNEY-RTS    2761245Q FP         -250559359    2728116488
EURO DISNEY-RTS    EDLDSP IX           -250559359    2728116488
EURO DISNEY-RTS    EDLDSP TQ           -250559359    2728116488
EURO DISNEY-RTS    EDLDSEUR EO         -250559359    2728116488
EUROCOMMERCE HOL   4174085Z NA       -1476.300001    1442043983
EURODEP            4680905Z FP       -20980092.52   199599003.5
EUROMEDICA         EUMED GA          -168132402.1   707983030.3
EUROMEDICA SA      DNX GR            -101793528.3   620604212.3
EUROMEDICA SA      EUROM EU          -101793528.3   620604212.3
EUROMEDICA SA      EUROM PZ          -101793528.3   620604212.3
EUROMEDICA SA      EUMDF US          -168132402.1   707983030.3
EUROMEDICA SA      EUROM GA          -101793528.3   620604212.3
EUROMEDICA SA      DNXA GR           -101793528.3   620604212.3
EUROMEDICA SA      EUROMY L3         -101793528.3   620604212.3
EUROMEDICA SA      EUROMY B3         -101793528.3   620604212.3
EUROMEDICA SA      EUROMY S2         -101793528.3   620604212.3
EUROMEDICA SA      EUROM EO          -101793528.3   620604212.3
EUROPEAN HOME      EHR4 EO           -14328734.27   110864074.5
EUROPEAN HOME      EHR PO            -14328734.27   110864074.5
EUROPEAN HOME      EHREUR EO         -14328734.27   110864074.5
EUROPEAN HOME      EHR7 EO           -14328734.27   110864074.5
EUROPEAN HOME      FPAKF US          -14328734.27   110864074.5
EUROPEAN HOME      EHR1 EO           -14328734.27   110864074.5
EUROPEAN HOME      EHR PZ            -14328734.27   110864074.5
EUROPEAN HOME      EHR8 EO           -14328734.27   110864074.5
EUROPEAN HOME      EHR EU            -14328734.27   110864074.5
EUROPEAN HOME      EHR VX            -14328734.27   110864074.5
EUROPEAN HOME      KLZ VX            -14328734.27   110864074.5
EUROPEAN HOME      EHR LN            -14328734.27   110864074.5
EUROPEAN HOME      EHR EO            -14328734.27   110864074.5
EUROPEAN HOME      EHRGBP EO         -14328734.27   110864074.5
EUROPEAN HOME      EHR6 EO           -14328734.27   110864074.5
EUROPEAN HOME      EHREUR EU         -14328734.27   110864074.5
EUROPEAN HOME      EHR5 EO           -14328734.27   110864074.5
EUROPEAN HOME      EHR10 EO          -14328734.27   110864074.5
EUROPEAN HOME      KLZ PO            -14328734.27   110864074.5
EUROPEAN HOME      EHR2 EO           -14328734.27   110864074.5
EUROPEAN HOME      EHR9 EO           -14328734.27   110864074.5
EUROPEAN HOME      EHR3 EO           -14328734.27   110864074.5
EUROPEAN MARITIM   4523543Z NA       -34804363.97   347312502.4
EXPERT NORGE AS    4444681Z NO       -7915470.255     138176736
EXPLORER NV        4289181Z BB       -38833909.74   237288467.6
EXXONMOBIL MARIN   1196527Z LN       -12472541.39   165900206.8
FACEO FM           4690137Z FP       -1109089.079   243429434.2
FACONNABLE SA      226782Z FP        -135489494.6   114660790.1
FAR EASTERN GENE   DVGC RU           -287701852.5    1300213857
FAR EASTERN-GDR    317864Z LX            -1000000    1286000000
FAREPAK PLC        FPK LN            -14328734.27   110864074.5
FAT FACE GROUP L   8249218Z LN       -15588250.47   338887017.5
FBEX PROMO INMOB   3745024Z SM       -820030.3857    1142978438
FENERBAHCE         FEBHF US          -145873996.4     151220524
FENERBAHCE FUTBO   FENER TI          -145873996.4     151220524
FERDINAND STINGE   4040837Z NA       -197824.2002    1420305383
FERGO AISA -RTS    AISA/D SM         -102379482.8   427577243.8
FERGO AISA SA      AISA SM           -102379482.8   427577243.8
FERGO AISA SA      AISA PZ           -102379482.8   427577243.8
FERGO AISA SA      AISA TQ           -102379482.8   427577243.8
FERGO AISA SA      AISA EO           -102379482.8   427577243.8
FERGO AISA SA      AISA EU           -102379482.8   427577243.8
FESCO              FESKF US              -1000000    1286000000
FESCO              FESH$ RU              -1000000    1286000000
FESCO-CLS          FESH* RU              -1000000    1286000000
FESCO-CLS          FESHG RU              -1000000    1286000000
FESCO-CLS          FESH RU               -1000000    1286000000
FESCO-CLS          FESH RM               -1000000    1286000000
FESCO-RDC          FESHRDC BH            -1000000    1286000000
FESCO-RDC 144A     FESHA LX              -1000000    1286000000
FESCO-RDC REG S    FESHR LX              -1000000    1286000000
FINAN ST FIACRE    STFI FP           -1274873.644   111191494.1
FINANCIAL LEASIN   FLKO RU           -223005888.9   203003201.1
FINANCIAL LEASIN   FLKO RM           -223005888.9   203003201.1
FINANCIAL LEASIN   137282Z RU        -223005888.9   203003201.1
FINANCIAL LEASIN   FLKO* RU          -223005888.9   203003201.1
FINANCIAL SERVIC   2630281Z LN       -105700509.6   414966448.4
FINANCIETOREN NV   3729210Z BB       -79646965.76   731800789.5
FINANSIERINGSSEL   3977156Z DC       -2410330.413   110737438.4
FINMATICA SPA      FIN NM            -126386016.2   281256000.7
FINMATICA SPA      FIN IM            -126386016.2   281256000.7
FINMATICA SPA      FMTAF US          -126386016.2   281256000.7
FINMATICA SPA      0882440D GR       -126386016.2   281256000.7
FIRST CHOICE HOL   1098394Z LN       -599861682.6   608849393.2
FIRST HYDRO HOLD   3640695Z LN       -138234986.9   787284226.6
FIRST MILK CHEES   2747070Z LN       -2831489.514   219885072.7
FLAMEL TECH-ADR    FLML US               -9512000     116252000
FLAMEL TECH-ADR    FL3 GR                -9512000     116252000
FLAMEL TECH-ADR    FLMLY US              -9512000     116252000
FLAMEL TECH-ADR+   FLML ES               -9512000     116252000
FLAMEL TECHNOLOG   223386Z FP            -9512000     116252000
FLECTAT LTD        1160967Z LN       -46022004.56    2832302323
FLOWTECH FLUIDPO   FLOL L3           -21847240.78   106259293.7
FLOWTECH FLUIDPO   FLO LN            -21847240.78   106259293.7
FLOWTECH FLUIDPO   FLOGBX EO         -21847240.78   106259293.7
FLOWTECH FLUIDPO   FLOGBX EU         -21847240.78   106259293.7
FLOWTECH FLUIDPO   0984685D LN       -21847240.78   106259293.7
FLOWTECH FLUIDPO   FLOL S2           -21847240.78   106259293.7
FLOWTECH FLUIDPO   FLOL B3           -21847240.78   106259293.7
FLOWTECH LTD       499847Z LN        -21615316.78   106259293.7
FNAC PARIS SA      4517559Z FP       -17638041.28   142283698.6
FOL INTERNATIONA   4513251Z ID       -73407123.12   337876005.2
FORD MOTOR CO LT   1291306Z LN       -926039399.1    5261361595
FORTHNET R-R       FORTV10 GA        -129513405.2   730028940.1
FORTHNET REPO      FORTL10 GA        -129513405.2   730028940.1
FORTHNET SA        FORTHY B3         -129513405.2   730028940.1
FORTHNET SA        FORTH EO          -129513405.2   730028940.1
FORTHNET SA        FN6 GR            -129513405.2   730028940.1
FORTHNET SA        FORTH PZ          -129513405.2   730028940.1
FORTHNET SA        FNETF US          -129513405.2   730028940.1
FORTHNET SA        FRHNF US          -129513405.2   730028940.1
FORTHNET SA        FORTH EU          -129513405.2   730028940.1
FORTHNET SA        FORTHY S2         -129513405.2   730028940.1
FORTHNET SA        FORTHY L3         -129513405.2   730028940.1
FORTHNET SA        FN61 GR           -129513405.2   730028940.1
FORTHNET SA        FORTH GA          -129513405.2   730028940.1
FORTHNET SA- RTS   FORTHEUR EU       -129513405.2   730028940.1
FORTHNET SA- RTS   FORTHEUR EO       -129513405.2   730028940.1
FORTHNET SA- RTS   FORTHR GA         -129513405.2   730028940.1
FORTHNET SA-RT     2905043Q GA       -129513405.2   730028940.1
FORTHNET SA-RTS    0918102D GA       -129513405.2   730028940.1
FORTHNET-AUCTION   FORTHE GA         -129513405.2   730028940.1
FOTOVISTA          666680Z FP        -164906523.7   144423244.8
FOUR SEASONS HEA   1865450Z LN       -70922359.13   339298185.3
FRANCE TEL-CVG     WFA US            -161280537.3   766114863.8
FREE RECORD SHOP   FRSHN NA          -1845202.816   135750172.5
FREE RECORD SHOP   776709Q US        -1845202.816   135750172.5
FREE RECORD-NEW    2922Q US          -1845202.816   135750172.5
FREE RECORD-STK    FREES NA          -1845202.816   135750172.5
FRENCH CONNECTIO   1092170Z LN       -56979412.48   126916995.8
FRESHWATER FINAN   699575Z ID        -356859861.6    2117171097
FRUIT OF THE LOO   4459361Z ID       -148264849.1   362413542.6
FUGRO-GEOTEAM AS   4777049Z NO       -26835943.96   280819059.2
FUJITSU SIEMENS    2332Z NA          -3856160.021    2920765776
FUND FOR ORDERED   3451402Z SM        -2411855924   12405762920
FW FARNSWORTH LT   1293386Z LN       -65739932.28   107240946.6
G4S SECURE SOL     1383954Z LN       -98910616.11   439870371.2
GALATASARAY SPOR   GSY GR            -39424162.03   339166438.3
GALATASARAY SPOR   GSRAY TI          -39424162.03   339166438.3
GALATASARAY SPOR   1092028D TI       -39424162.03   339166438.3
GALATASARAY SPOR   1092030D TI       -39424162.03   339166438.3
GALATASARAY SPOR   1092031D TI       -39424162.03   339166438.3
GALATASARAY SPOR   GALA IX           -39424162.03   339166438.3
GALATASARAY SPOR   GSRAYR TI         -39424162.03   339166438.3
GALATASARAY SPOR   GATSF US          -39424162.03   339166438.3
GALATASARAY-NEW    GSRAYY TI         -39424162.03   339166438.3
GALIFORM CORPORA   1478794Z LN        -42240607.6   356838258.9
GALLAGHER UK LTD   4422897Z LN       -8986482.825   196569821.2
GARTLAND WHALLEY   GWB LN            -10987103.36   145356463.2
GAZ-FINANS OOO     GAZF RU           -56134.51002   232319894.6
GE POWER CONTROL   3744144Z SM        -96711575.3   106573693.4
GENERAL MOTORS     1062338Z LN        -1050450006    1467250566
GEOBAN UK LTD      1207967Z LN       -151608.7187   126736022.7
GERIMEX BV         3820372Z NA       -944079.0697   121833289.5
GESTESA DESARROL   3797476Z SM        -17369623.2   398147084.9
GFI SOFTWARE S.A   GFIS US             -102039000     369868992
GFI SOFTWARE S.A   GFIX US             -102039000     369868992
GFI SOFTWARE S.A   0620577D US         -102039000     369868992
GGT GROUP PLC      500970Q LN          -156372272   408211200.9
GGT GROUP-ADR      GGTRY US            -156372272   408211200.9
GLAXOSMITHKLINE    1426Z LN          -4969083.544   12826999154
GLENCORE ESPANA    3752336Z SM       -113656.5233   446394459.3
GLOBAL CROSSING    3629883Z LN       -629418516.5   429046146.8
GONDOLA GROUP LT   4499995Z LN         -617655808    1510184565
GRANDE PAROISSE    GDPA FP           -927267926.9     629287290
GRANDE PAROISSE    GDPXF US          -927267926.9     629287290
GRANDE PAROISSE    GAPA FP           -927267926.9     629287290
GRANDES ALMACENE   4376721Z SM       -6342478.213   162039364.8
GRANDS MOU PARIS   2034Q FP          -6439463.239   201491758.9
GRAZHDANSKIE SAM   GSSU RU             -398069984    2511169024
GREAT EASTERN HO   1708272Z LN       -5065882.795   153629770.7
GREEN WIND ENERG   GW EU             -11320362.36     176234024
GREEN WIND ENERG   G7W1 GR           -11320362.36     176234024
GREEN WIND ENERG   GW BY             -11320362.36     176234024
GREEN WIND ENERG   GW EO             -11320362.36     176234024
GREEN WIND ENERG   GW PZ             -11320362.36     176234024
GREEN WIND ENERG   GWEUR EO          -11320362.36     176234024
GREEN WIND ENERG   GW DC             -11320362.36     176234024
GREEN WIND ENERG   GWEUR EU          -11320362.36     176234024
GROUPE PROGRES S   4734137Z FP       -145582524.5   135577203.6
GRUPO EMPRESARIA   GSJ EO            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJ PZ            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJ EU            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJ SM            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJE L3           -69520552.19    2910350172
GRUPO EMPRESARIA   GSJ IX            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJ S1            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJ EB            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJE S2           -69520552.19    2910350172
GRUPO EMPRESARIA   GSJ TQ            -69520552.19    2910350172
GRUPO EMPRESARIA   GSJE B3           -69520552.19    2910350172
GRUPO TAVEX SA     TVXAF US          -10622070.67     655950832
GRUPO TAVEX SA     TVX SM            -10622070.67     655950832
GRUPO TAVEX SA     TVX S1            -10622070.67     655950832
GRUPO TAVEX SA     TVX EB            -10622070.67     655950832
GRUPO TAVEX SA     TVXE S2           -10622070.67     655950832
GRUPO TAVEX SA     TVX EO            -10622070.67     655950832
GRUPO TAVEX SA     TV3 GR            -10622070.67     655950832
GRUPO TAVEX SA     TVX EU            -10622070.67     655950832
GRUPO TAVEX SA     TVXE L3           -10622070.67     655950832
GRUPO TAVEX SA     TVX IX            -10622070.67     655950832
GRUPO TAVEX SA     TVX TQ            -10622070.67     655950832
GRUPO TAVEX SA     TVXE B3           -10622070.67     655950832
GS MULTI-CURRENC   4780921Z ID       -218031502.7    1766463253
GUENTHER & SOHN    0876248D PZ       -9612095.264     130075209
GUENTHER & SOHN    GUS GR            -9612095.264     130075209
GUENTHER & SOHN    GUS EU            -9612095.264     130075209
GUENTHER & SOHN    GUS EO            -9612095.264     130075209
GUERRINO PIVATO    4292565Z IM       -41218066.44   397216267.9
GUKOVUGOL          GUUG RU           -57835249.92   143665227.2
GUKOVUGOL          GUUG* RU          -57835249.92   143665227.2
GUKOVUGOL-PFD      GUUGP* RU         -57835249.92   143665227.2
GUKOVUGOL-PFD      GUUGP RU          -57835249.92   143665227.2
GURIEVSKY-BRD      GUMZ RU           -34332884.78   165760790.1
GURIEVSKY-BRD      GUMZ* RU          -34332884.78   165760790.1
HALCROW HOLDINGS   3892894Z LN       -483549930.1   279175214.8
HALS-DEVEL- GDR    86PN LI           -874213546.6    3351127450
HALS-DEVEL- GDR    86PN LN           -874213546.6    3351127450
HALS-DEVELOPMENT   HALSG RU          -874213546.6    3351127450
HALS-DEVELOPMENT   HALSUSD EO        -874213546.6    3351127450
HALS-DEVELOPMENT   SYR GR            -874213546.6    3351127450
HALS-DEVELOPMENT   HALS EB           -874213546.6    3351127450
HALS-DEVELOPMENT   HALSM RU          -874213546.6    3351127450
HALS-DEVELOPMENT   HALS RM           -874213546.6    3351127450
HALS-DEVELOPMENT   HALS* RU          -874213546.6    3351127450
HALS-DEVELOPMENT   HALS LI           -874213546.6    3351127450
HALS-DEVELOPMENT   HALSL L3          -874213546.6    3351127450
HALS-DEVELOPMENT   HALS TQ           -874213546.6    3351127450
HALS-DEVELOPMENT   HALSL BQ          -874213546.6    3351127450
HALS-DEVELOPMENT   HALSL S2          -874213546.6    3351127450
HALS-DEVELOPMENT   HALS RU           -874213546.6    3351127450
HALS-DEVELOPMENT   HALSL B3          -874213546.6    3351127450
HARMSWORTH PRINT   1552314Z LN       -5997756.143   101541044.1
HARMSWORTH QUAYS   1552378Z LN       -98887198.25   199544701.9
HARVEY NORMAN HO   4781809Z ID         -119046067   111163663.4
HATZIOANNOU        HATZK PZ          -54973436.99   102255716.8
HATZIOANNOU        HZI1 GR           -54973436.99   102255716.8
HATZIOANNOU        HATZK GA          -54973436.99   102255716.8
HATZIOANNOU        HATZK EO          -54973436.99   102255716.8
HATZIOANNOU        HATZK EU          -54973436.99   102255716.8
HATZIOANNOU ANON   HATZP EU          -54973436.99   102255716.8
HATZIOANNOU ANON   HATZP PZ          -54973436.99   102255716.8
HATZIOANNOU ANON   HATZP EO          -54973436.99   102255716.8
HATZIOANNOU ANON   HATZP GA          -54973436.99   102255716.8
HATZIOANNOU-RTS    HATZKR GA         -54973436.99   102255716.8
HAYMARKET GROUP    4158941Z LN        -72068008.6   252361040.7
HBPOLSKA           HBPEUR EO         -239476687.5   175703330.6
HBPOLSKA           HBWL PZ           -239476687.5   175703330.6
HBPOLSKA           HBP PW            -239476687.5   175703330.6
HBPOLSKA           HBP EU            -239476687.5   175703330.6
HBPOLSKA           HBW PW            -239476687.5   175703330.6
HBPOLSKA           HBP LI            -239476687.5   175703330.6
HBPOLSKA           HBPEUR EU         -239476687.5   175703330.6
HBPOLSKA           HBP EO            -239476687.5   175703330.6
HBPOLSKA-PD-ALLT   HBPA PW           -239476687.5   175703330.6
HEEGH AUTOLINERS   4389209Z NO       -812350.1488   537484504.9
HELI-ONE NORWAY    4632761Z NO       -79370156.68     663779418
HELLAS ONLIN-RTS   HOLR GA           -16749909.57   344522957.8
HELLAS ONLINE SA   HOLY B3           -16749909.57   344522957.8
HELLAS ONLINE SA   HOL GA            -16749909.57   344522957.8
HELLAS ONLINE SA   UN5 GR            -16749909.57   344522957.8
HELLAS ONLINE SA   BRAIN EU          -16749909.57   344522957.8
HELLAS ONLINE SA   BRAIN PZ          -16749909.57   344522957.8
HELLAS ONLINE SA   BRAIN EO          -16749909.57   344522957.8
HELLAS ONLINE SA   0394471Q GA       -16749909.57   344522957.8
HELLAS ONLINE SA   BRAIN GA          -16749909.57   344522957.8
HELLAS ONLINE SA   HOLY L3           -16749909.57   344522957.8
HELLAS ONLINE SA   HOLY S2           -16749909.57   344522957.8
HELLENIC FAB-RTS   ELYFD GA          -38109769.06   118721472.5
HELLENIC FABRICS   ELYF GA           -38109769.06   118721472.5
HELLENIC FABRICS   ELYF PZ           -38109769.06   118721472.5
HELLENIC FABRICS   ELYFY S2          -38109769.06   118721472.5
HELLENIC FABRICS   ELYF EO           -38109769.06   118721472.5
HELLENIC FABRICS   ELYFY L3          -38109769.06   118721472.5
HELLENIC FABRICS   ELYF EU           -38109769.06   118721472.5
HELLENIC FABRICS   ELYFY B3          -38109769.06   118721472.5
HELLENIC S-AUCT    HSIE GA           -8831314.748   320019241.9
HELLENIC SUGAR     HE7 GR            -8831314.748   320019241.9
HELLENIC SUGAR     HSI EU            -8831314.748   320019241.9
HELLENIC SUGAR     HSI GA            -8831314.748   320019241.9
HELLENIC SUGAR     HSI EO            -8831314.748   320019241.9
HELLENIC SUGAR     HIS GA            -8831314.748   320019241.9
HELLENIC SUGAR     HSI1 PZ           -8831314.748   320019241.9
HELLENIC SUGAR I   HSIY L3           -8831314.748   320019241.9
HELLENIC SUGAR I   HSIY B3           -8831314.748   320019241.9
HELLENIC SUGAR I   HSIY S2           -8831314.748   320019241.9
HERSAL-INVESTIME   4764577Z PL       -25242472.01   595266653.4
HESS INDONESIA P   1705776Z LN          -22193000     816726976
HEWLETT-PACKARD    4470239Z FP       -244195175.5    1053527540
HEWLETT-PACKARD    1963382Z LN       -909454604.5    4585176328
HIBU PLC           YELL5 EO           -2257521127    2120614224
HIBU PLC           YELL7 EO           -2257521127    2120614224
HIBU PLC           YELL8 EO           -2257521127    2120614224
HIBU PLC           YELL2 EO           -2257521127    2120614224
HIBU PLC           YELL6 EO           -2257521127    2120614224
HIBU PLC           YELL4 EO           -2257521127    2120614224
HIBU PLC           HIBU1 EO           -2257521127    2120614224
HIBU PLC           YELL9 EO           -2257521127    2120614224
HIBU PLC           HIBUI GR           -2257521127    2120614224
HIBU PLC           YELL3 EO           -2257521127    2120614224
HIBU PLC           YELL1 EO           -2257521127    2120614224
HIBU PLC           HIBU BQ            -2257521127    2120614224
HIBU PLC           HIBUGBP EO         -2257521127    2120614224
HIBU PLC           YELLGBP EO         -2257521127    2120614224
HIBU PLC           YELL EO            -2257521127    2120614224
HIBU PLC           YELL IX            -2257521127    2120614224
HIBU PLC           YELL BQ            -2257521127    2120614224
HIBU PLC           YELL EB            -2257521127    2120614224
HIBU PLC           YELL QM            -2257521127    2120614224
HIBU PLC           YELL TQ            -2257521127    2120614224
HIBU PLC           YE1 GR             -2257521127    2120614224
HIBU PLC           HIBUEUR EU         -2257521127    2120614224
HIBU PLC           HIBU PZ            -2257521127    2120614224
HIBU PLC           HIBU TQ            -2257521127    2120614224
HIBU PLC           YELL NR            -2257521127    2120614224
HIBU PLC           HIBU EB            -2257521127    2120614224
HIBU PLC           YELGF US           -2257521127    2120614224
HIBU PLC           HIBUUSD EU         -2257521127    2120614224
HIBU PLC           YELLUSD EO         -2257521127    2120614224
HIBU PLC           YELL S1            -2257521127    2120614224
HIBU PLC           YELLUSD EU         -2257521127    2120614224
HIBU PLC           YELLEUR EU         -2257521127    2120614224
HIBU PLC           HIBU IX            -2257521127    2120614224
HIBU PLC           YELL EU            -2257521127    2120614224
HIBU PLC           YEL EO             -2257521127    2120614224
HIBU PLC           HIBU EO            -2257521127    2120614224
HIBU PLC           YELLEUR EO         -2257521127    2120614224
HIBU PLC           HIBU QM            -2257521127    2120614224
HIBU PLC           YE1 GK             -2257521127    2120614224
HIBU PLC           HIBU EU            -2257521127    2120614224
HIBU PLC           HIBU LN            -2257521127    2120614224
HIBU PLC-ADR       YELGY US           -2257521127    2120614224
HIDRODATA SA       3635591Z SM       -51941488.18   216193613.3
HIGHLANDS & ISLA   3965324Z LN        -17267598.2   151175056.7
HIPPO GESTION ET   4732841Z FP       -11276215.78   121769659.7
HISPAVIC IBERICA   4369473Z SM       -7466862.615   129050823.9
HMV GROUP -GDR     29362Z US         -218494079.6   415854059.2
HMV GROUP -GDR     276960Q GR        -218494079.6   415854059.2
HMV GROUP PLC      HMV PZ            -218494079.6   415854059.2
HMV GROUP PLC      HMV EO            -218494079.6   415854059.2
HMV GROUP PLC      HMV EU            -218494079.6   415854059.2
HMV GROUP PLC      HMV S1            -218494079.6   415854059.2
HMV GROUP PLC      HMV NQ            -218494079.6   415854059.2
HMV GROUP PLC      HMV PO            -218494079.6   415854059.2
HMV GROUP PLC      HMVEUR EO         -218494079.6   415854059.2
HMV GROUP PLC      HMVUSD EO         -218494079.6   415854059.2
HMV GROUP PLC      HMVMF US          -218494079.6   415854059.2
HMV GROUP PLC      HMV LN            -218494079.6   415854059.2
HMV GROUP PLC      HMV EB            -218494079.6   415854059.2
HMV GROUP PLC      HMV BQ            -218494079.6   415854059.2
HMV GROUP PLC      HMV TQ            -218494079.6   415854059.2
HMV GROUP PLC      HMV IX            -218494079.6   415854059.2
HMV GROUP PLC      HMV VX            -218494079.6   415854059.2
HMV GROUP PLC      HMV10 EO          -218494079.6   415854059.2
HMV GROUP PLC      HMV1 EO           -218494079.6   415854059.2
HMV GROUP PLC      HMV6 EO           -218494079.6   415854059.2
HMV GROUP PLC      HMV8 EO           -218494079.6   415854059.2
HMV GROUP PLC      HMV4 EO           -218494079.6   415854059.2
HMV GROUP PLC      HMVGBP EO         -218494079.6   415854059.2
HMV GROUP PLC      HMVUSD EU         -218494079.6   415854059.2
HMV GROUP PLC      HMVEUR EU         -218494079.6   415854059.2
HMV GROUP PLC      HMV NR            -218494079.6   415854059.2
HMV GROUP PLC      HMV7 EO           -218494079.6   415854059.2
HMV GROUP PLC      HM4 GK            -218494079.6   415854059.2
HMV GROUP PLC      HMV3 EO           -218494079.6   415854059.2
HMV GROUP PLC      HM4 GR            -218494079.6   415854059.2
HMV GROUP PLC      HMV9 EO           -218494079.6   415854059.2
HMV GROUP PLC      HMV5 EO           -218494079.6   415854059.2
HMV GROUP PLC      HMV2 EO           -218494079.6   415854059.2
HMV GROUP PLC      HMV QM            -218494079.6   415854059.2
HOEGH AUTOLINERS   4288645Z NO        -79685780.8    1940832344
HOGG ROBINSON GR   HRG9 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRG2 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRG S1            -43466918.99   713635983.5
HOGG ROBINSON GR   HRG PZ            -43466918.99   713635983.5
HOGG ROBINSON GR   HRG4 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRGEUR EO         -43466918.99   713635983.5
HOGG ROBINSON GR   HOGGF US          -43466918.99   713635983.5
HOGG ROBINSON GR   HRG3 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRG10 EO          -43466918.99   713635983.5
HOGG ROBINSON GR   HRGEUR EU         -43466918.99   713635983.5
HOGG ROBINSON GR   HRGGBP EO         -43466918.99   713635983.5
HOGG ROBINSON GR   HRG EO            -43466918.99   713635983.5
HOGG ROBINSON GR   HRG EU            -43466918.99   713635983.5
HOGG ROBINSON GR   HRG IX            -43466918.99   713635983.5
HOGG ROBINSON GR   HRG VX            -43466918.99   713635983.5
HOGG ROBINSON GR   HRG11 EO          -43466918.99   713635983.5
HOGG ROBINSON GR   HRG6 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRGL B3           -43466918.99   713635983.5
HOGG ROBINSON GR   HRG7 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRGL L3           -43466918.99   713635983.5
HOGG ROBINSON GR   HRG5 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRGL S2           -43466918.99   713635983.5
HOGG ROBINSON GR   HRG8 EO           -43466918.99   713635983.5
HOGG ROBINSON GR   HRG LN            -43466918.99   713635983.5
HOGG ROBINSON GR   DQX GR            -43466918.99   713635983.5
HOLCIM ARIDOS SL   4371033Z SM       -11196144.03   158669280.5
HOLDINGSELSKABET   BODIL DC          -11320362.36     176234024
HOLDINGSELSKABET   BOHC IX           -11320362.36     176234024
HOMEFIELD PVT UK   4501835Z LN       -137159188.5   565018471.7
HOOGE RAEDT GROE   4173317Z NA       -19843.75064   208161796.3
HOOVER LTD         4380321Z LN       -155286370.7   182855507.8
HOSPITAL DE FARO   3789880Z PL       -39940408.05   525339055.1
HOSPITAL DISTRIT   3778128Z PL       -10535872.48   108186725.8
HOSPITAL DO DIVI   3789932Z PL       -194376369.9   195688884.2
HUISVUILCENTRALE   4777713Z NA       -96523.00358    1420935808
HUNE PLATAFORMAS   4284309Z SM       -34729091.55   417373379.8
HUNGARIAN TELEPH   HUC EX              -187076880    1192440960
HUNGARIAN TELEPH   HUGC IX             -187076880    1192440960
HUTCHISON 3G UK    265923Z LN         -2558478023   10215382954
HYDREX HOLDINGS    4156949Z LN       -150851800.9   145586068.7
HZIAM OAO          HZAM UZ             -541300032     170562496
I VIAGGI DEL VEN   VVE EU            -209432168.7     202700610
I VIAGGI DEL VEN   IVGIF US          -209432168.7     202700610
I VIAGGI DEL VEN   VVE IM            -209432168.7     202700610
I VIAGGI DEL VEN   VVE IX            -209432168.7     202700610
I VIAGGI DEL VEN   VVE EO            -209432168.7     202700610
I VIAGGI DEL VEN   VVE TQ            -209432168.7     202700610
I VIAGGI DEL VEN   VVE PZ            -209432168.7     202700610
I VIAGGI DEL VEN   IV7 GR            -209432168.7     202700610
I VIAGGI-RTS       VVEAA IM          -209432168.7     202700610
ICA NORGE AS       4511499Z NO       -10597581.14   609028093.3
IDEAL STANDARD I   0288212Z LX        -1505758856    1697563897
IDEAL STANDARD I   4492755Z BB       -676586892.7    1579994753
IG GROUP LTD       IGI LN             -1338038148   453218507.9
IG GROUP PLC       IGGPF US           -1338038148   453218507.9
IG GROUP-ASSD      IGIA LN            -1338038148   453218507.9
IKON OFFICE SOLU   ERHI LN           -5243204.755   130041029.9
INCISIVE MED-ASD   INMA LN           -86381452.08   110502446.1
INCISIVE MEDIA     2292912Q VX       -86381452.08   110502446.1
INCISIVE MEDIA     INM IX            -86381452.08   110502446.1
INCISIVE MEDIA     2290657Q LN       -86381452.08   110502446.1
INCISIVE MEDIA     4030Z LN          -86381452.08   110502446.1
INCISIVE MEDIA     INM PO            -86381452.08   110502446.1
INCISIVE MEDIA     997071Q GR        -86381452.08   110502446.1
INCISIVE MEDIA     2290661Q PZ       -86381452.08   110502446.1
INDEP NEWS & MED   IPD GR            -53119001.67   310849009.8
INDEP NEWS & MED   INWS IX           -53119001.67   310849009.8
INDEP NEWS & MED   INM EB            -53119001.67   310849009.8
INDEP NEWS & MED   INM LN            -53119001.67   310849009.8
INDEP NEWS & MED   INM1 EO           -53119001.67   310849009.8
INDEP NEWS & MED   INM1GBX EO        -53119001.67   310849009.8
INDEP NEWS & MED   IPDC QX           -53119001.67   310849009.8
INDEP NEWS & MED   INM1 IX           -53119001.67   310849009.8
INDEP NEWS & MED   INWS ID           -53119001.67   310849009.8
INDEP NEWS & MED   INWS PO           -53119001.67   310849009.8
INDEP NEWS & MED   INM1 TQ           -53119001.67   310849009.8
INDEP NEWS & MED   INM ID            -53119001.67   310849009.8
INDEP NEWS & MED   INNS VX           -53119001.67   310849009.8
INDEP NEWS & MED   INM1 EU           -53119001.67   310849009.8
INDEP NEWS & MED   INM VX            -53119001.67   310849009.8
INDEP NEWS & MED   IPDC GK           -53119001.67   310849009.8
INDEP NEWS & MED   INP NZ            -53119001.67   310849009.8
INDEP NEWS & MED   IPD PO            -53119001.67   310849009.8
INDEP NEWS & MED   IPDC GR           -53119001.67   310849009.8
INDEP NEWS & MED   INNZF US          -53119001.67   310849009.8
INDEP NEWS & MED   INM1 EB           -53119001.67   310849009.8
INDEP NEWS & MED   INM1 NQ           -53119001.67   310849009.8
INDEP NEWS & MED   INM S1            -53119001.67   310849009.8
INDEP NEWS & MED   INM PZ            -53119001.67   310849009.8
INDEP NEWS & MED   INWS LN           -53119001.67   310849009.8
INDEP NEWS & MED   INM1 NR           -53119001.67   310849009.8
INDEP NEWS & MED   IPD PZ            -53119001.67   310849009.8
INDEP NEWS & MED   INM1GBX EU        -53119001.67   310849009.8
INDEP NEWS &-F/P   INWF LN           -53119001.67   310849009.8
INDEP NEWS &-F/P   IPDC ID           -53119001.67   310849009.8
INDEP NEWS &-N/P   INWN LN           -53119001.67   310849009.8
INDEP NEWS &-N/P   INDB ID           -53119001.67   310849009.8
INDEP NEWS &-NEW   INWN ID           -53119001.67   310849009.8
INDEP NEWS &-NEW   IPDA GR           -53119001.67   310849009.8
INDEP NEWS-ADR     INNZY US          -53119001.67   310849009.8
INDEP NEWSPAPERS   QQIAF US          -53119001.67   310849009.8
INDEP NEWSPAPERS   IPNWF US          -53119001.67   310849009.8
INDEPENDENT NEWS   IPDCI S2          -53119001.67   310849009.8
INDEPENDENT NEWS   INML S2           -53119001.67   310849009.8
INDEPENDENT NEWS   INML B3           -53119001.67   310849009.8
INDEPENDENT NEWS   IPDCI B3          -53119001.67   310849009.8
INDEPENDENT NEWS   IPDCI L3          -53119001.67   310849009.8
INDEPENDENT NEWS   INML L3           -53119001.67   310849009.8
INDEPENDENT-FPR    INMF LN           -53119001.67   310849009.8
INDEPENDENT-FPR    INMF PZ           -53119001.67   310849009.8
INDEPENDENT-FPR    INMF ID           -53119001.67   310849009.8
INDEPENDENT-NPR    INMN ID           -53119001.67   310849009.8
INDEPENDENT-NPR    INMN LN           -53119001.67   310849009.8
INDEPENDENT-NPR    INMN PZ           -53119001.67   310849009.8
INDIVIOR PLC       2IV TH            -475000018.1   747000000.5
INDIVIOR PLC       2IV QT            -475000018.1   747000000.5
INDIVIOR PLC       INDVL L3          -475000018.1   747000000.5
INDIVIOR PLC       2IVD L3           -475000018.1   747000000.5
INDIVIOR PLC       INDV LN           -475000018.1   747000000.5
INDIVIOR PLC       INDVEUR EU        -475000018.1   747000000.5
INDIVIOR PLC       INDVEUR EO        -475000018.1   747000000.5
INDIVIOR PLC       INDVL B3          -475000018.1   747000000.5
INDIVIOR PLC       2IVD B3           -475000018.1   747000000.5
INDIVIOR PLC       INDVUSD EU        -475000018.1   747000000.5
INDIVIOR PLC       INDVUSD EO        -475000018.1   747000000.5
INDIVIOR PLC       IZQVF US          -475000018.1   747000000.5
INDIVIOR PLC       INDVL EB          -475000018.1   747000000.5
INDIVIOR PLC       INDVL IX          -475000018.1   747000000.5
INDIVIOR PLC       INDVL QX          -475000018.1   747000000.5
INDIVIOR PLC       INDVGBX EU        -475000018.1   747000000.5
INDIVIOR PLC       INDVGBX EO        -475000018.1   747000000.5
INDIVIOR PLC       INDVL TQ          -475000018.1   747000000.5
INDIVIOR PLC       2IV GR            -475000018.1   747000000.5
INDIVIOR PLC       0678492D LN       -475000018.1   747000000.5
INDIVIOR PLC       1186494D GR       -475000018.1   747000000.5
INDIVIOR PLC-ADR   INVVY US          -475000018.1   747000000.5
INDIVIOR PLC-ADR   2IVA GR           -475000018.1   747000000.5
INDUSTRIBO-B       INBOB DC          -49485067.68   159639319.3
INDUSTRIBO-B       FRMHB DC          -49485067.68   159639319.3
INDUSTRIE FINCUO   4270053Z IM       -15676157.12   111118283.9
INFRAESTRUCTURAS   3639039Z SM       -14511951.75   257249100.4
INFRASERV GMBH &   3999Z GR          -1643026.503    1298455493
INFRATEK ENTREPR   4402489Z NO       -8851664.805   122555001.7
ING LEASE FRANCE   4699881Z FP       -40970505.14   342324424.9
ING RE DORTMUND/   3819456Z NA       -89466987.51     138523135
ING REIM DEVELOP   3811140Z NA       -224924377.7     373174398
INTEGRALIS AG      AAGN PZ           -30518620.96   237457667.5
INTEGRALIS AG      AAGN IX           -30518620.96   237457667.5
INTEGRALIS AG      AAGN TH           -30518620.96   237457667.5
INTEGRALIS AG      ACIRF US          -30518620.96   237457667.5
INTEGRALIS-NEW     AAGM EU           -30518620.96   237457667.5
INTEGRALIS-NEW     AAGM GR           -30518620.96   237457667.5
INTEGRALIS-NEW     AAGM EO           -30518620.96   237457667.5
INTELSAT GLOBAL    0440101D US         -742566976   16469354496
INTELSAT SA        IJSA GR             -742566976   16469354496
INTELSAT SA        I US                -742566976   16469354496
INTERCONTIN-ADR    IHGA LN             -717000000    2817999872
INTERCONTIN-ADR    IC1C GR             -717000000    2817999872
INTERCONTIN-ADR    IHG US              -717000000    2817999872
INTERCONTIN-ADR    IHG-W US            -717000000    2817999872
INTERCONTIN-ADR    IC1E GR             -717000000    2817999872
INTERCONTINENTAL   IHGEUR EO           -717000000    2817999872
INTERCONTINENTAL   IHGL L3             -717000000    2817999872
INTERCONTINENTAL   IHGOF US            -717000000    2817999872
INTERCONTINENTAL   IHGL S2             -717000000    2817999872
INTERCONTINENTAL   IHG5 EO             -717000000    2817999872
INTERCONTINENTAL   IHGL B3             -717000000    2817999872
INTERCONTINENTAL   0616112D NR         -717000000    2817999872
INTERCONTINENTAL   IHG IX              -717000000    2817999872
INTERCONTINENTAL   IHG9 EO             -717000000    2817999872
INTERCONTINENTAL   IHG3 EO             -717000000    2817999872
INTERCONTINENTAL   988082Q GR          -717000000    2817999872
INTERCONTINENTAL   IHG7 EO             -717000000    2817999872
INTERCONTINENTAL   ICHGFN L3           -717000000    2817999872
INTERCONTINENTAL   IHG EU              -717000000    2817999872
INTERCONTINENTAL   ICHGFN B3           -717000000    2817999872
INTERCONTINENTAL   IHG QM              -717000000    2817999872
INTERCONTINENTAL   IHG EO              -717000000    2817999872
INTERCONTINENTAL   IHGUSD EO           -717000000    2817999872
INTERCONTINENTAL   0615615D GR         -717000000    2817999872
INTERCONTINENTAL   IHGCHF EU           -717000000    2817999872
INTERCONTINENTAL   IHG8 EO             -717000000    2817999872
INTERCONTINENTAL   IHG6 EO             -717000000    2817999872
INTERCONTINENTAL   IHG NQ              -717000000    2817999872
INTERCONTINENTAL   IHG EB              -717000000    2817999872
INTERCONTINENTAL   IC1 GR              -717000000    2817999872
INTERCONTINENTAL   IHG VX              -717000000    2817999872
INTERCONTINENTAL   IHGCHF EO           -717000000    2817999872
INTERCONTINENTAL   IHGEUR EU           -717000000    2817999872
INTERCONTINENTAL   IHG PO              -717000000    2817999872
INTERCONTINENTAL   IHGPEN EO           -717000000    2817999872
INTERCONTINENTAL   IHGUSD EU           -717000000    2817999872
INTERCONTINENTAL   IHGPEN EU           -717000000    2817999872
INTERCONTINENTAL   IHG10 EO            -717000000    2817999872
INTERCONTINENTAL   ICHGF US            -717000000    2817999872
INTERCONTINENTAL   IHGGBP EO           -717000000    2817999872
INTERCONTINENTAL   IHG11 EO            -717000000    2817999872
INTERCONTINENTAL   IHG2 EO             -717000000    2817999872
INTERCONTINENTAL   IHG BQ              -717000000    2817999872
INTERCONTINENTAL   IC1B GR             -717000000    2817999872
INTERCONTINENTAL   IHG TQ              -717000000    2817999872
INTERCONTINENTAL   IHG4 EO             -717000000    2817999872
INTERCONTINENTAL   IHG PZ              -717000000    2817999872
INTERCONTINENTAL   IHG QX              -717000000    2817999872
INTERCONTINENTAL   ICHGD US            -717000000    2817999872
INTERCONTINENTAL   IHG NR              -717000000    2817999872
INTERCONTINENTAL   IC1A GR             -717000000    2817999872
INTERCONTINENTAL   IHG S1              -717000000    2817999872
INTERCONTINENTAL   IC1D GR             -717000000    2817999872
INTERCONTINENTAL   IC1A GK             -717000000    2817999872
INTERCONTINENTAL   IHG LN              -717000000    2817999872
INTERCONTINENTAL   INCNF US            -717000000    2817999872
INTU METROCENTRE   1203663Z LN       -302495159.7   419782439.6
INVITEL HOLD-ADR   0IN GR              -187076880    1192440960
INVITEL HOLD-ADR   IHO US              -187076880    1192440960
INVITEL HOLD-ADR   INVHY US            -187076880    1192440960
INVITEL HOLDINGS   3212873Z HB         -187076880    1192440960
IRANIAN OIL CO U   1380570Z LN       -202472920.8   279941193.8
IRISH NATIONWIDE   1020Z ID          -24459779.01   16215363311
IRUS ZWEIBRUCKEN   3738979Z BB       -241717.0423   109895201.2
ISTRABENZ          ITBG EU           -60693574.46   254428884.6
ISTRABENZ          ITBGT B3          -60693574.46   254428884.6
ISTRABENZ          ITBGT S2          -60693574.46   254428884.6
ISTRABENZ          ITBG EO           -60693574.46   254428884.6
ISTRABENZ          ITBG SV           -60693574.46   254428884.6
ISTRABENZ          ITBG PZ           -60693574.46   254428884.6
ISTRABENZ          ITBGT L3          -60693574.46   254428884.6
ITM ALIMENTAIRE    4171373Z BB       -5770953.189   103462599.4
ITM REGION PARIS   4681817Z FP       -49661385.76   124319348.6
IZHAVTO OAO        IZAV RU           -94100821.69   443610350.5
JACOBS UK HOLDIN   3638823Z LN       -21104249.79   705658066.8
JAMES HARDIE -CD   JHXCD AU            -224400000    2015200000
JAMES HARDIE IND   600241Q GR          -224400000    2015200000
JAMES HARDIE IND   HAH NZ              -224400000    2015200000
JAMES HARDIE IND   HAH AU              -224400000    2015200000
JAMES HARDIE IND   726824Z NA          -224400000    2015200000
JAMES HARDIE NV    JHXCC AU            -224400000    2015200000
JAMES HARDIE-ADR   JHINY US            -224400000    2015200000
JAMES HARDIE-ADR   JHX US              -224400000    2015200000
JAMES HARDIE-ADR   JHX SP              -224400000    2015200000
JAMES HARDIE-CDI   JHA TH              -224400000    2015200000
JAMES HARDIE-CDI   JHX AU              -224400000    2015200000
JAMES HARDIE-CDI   JHXEUR EO           -224400000    2015200000
JAMES HARDIE-CDI   JHXEUR EU           -224400000    2015200000
JAMES HARDIE-CDI   JHIUF US            -224400000    2015200000
JAMES HARDIE-CDI   JHA GR              -224400000    2015200000
JARVIS PLC         JRVS7 EO          -64738078.31   130947476.6
JARVIS PLC         JVSPF US          -64738078.31   130947476.6
JARVIS PLC         JRVS EU           -64738078.31   130947476.6
JARVIS PLC         JRVSGBP EO        -64738078.31   130947476.6
JARVIS PLC         JRVS2 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS8 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS3 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS EO           -64738078.31   130947476.6
JARVIS PLC         JRVS4 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS5 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS IX           -64738078.31   130947476.6
JARVIS PLC         JRV EO            -64738078.31   130947476.6
JARVIS PLC         JRVSEUR EU        -64738078.31   130947476.6
JARVIS PLC         JRVS1 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS LN           -64738078.31   130947476.6
JARVIS PLC         JRVS PZ           -64738078.31   130947476.6
JARVIS PLC         JVR GR            -64738078.31   130947476.6
JARVIS PLC         JRVSEUR EO        -64738078.31   130947476.6
JARVIS PLC         JRVS6 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS9 EO          -64738078.31   130947476.6
JARVIS PLC         JRVS PO           -64738078.31   130947476.6
JARVIS PLC         JRVS VX           -64738078.31   130947476.6
JDR ENTERPRISES    3947788Z LN       -62221895.94   150357985.7
JESSOPS PLC        JSP PO            -42703065.53   112966830.6
JESSOPS PLC        JSP EO            -42703065.53   112966830.6
JESSOPS PLC        JSP IX            -42703065.53   112966830.6
JESSOPS PLC        JS4 GR            -42703065.53   112966830.6
JESSOPS PLC        JSPEUR EU         -42703065.53   112966830.6
JESSOPS PLC        JSPEUR EO         -42703065.53   112966830.6
JESSOPS PLC        JSP VX            -42703065.53   112966830.6
JESSOPS PLC        JSP PZ            -42703065.53   112966830.6
JESSOPS PLC        JSP LN            -42703065.53   112966830.6
JESSOPS PLC        JSP EU            -42703065.53   112966830.6
JESSOPS PLC        JSPGBP EO         -42703065.53   112966830.6
JEUDAN III A/S     3986972Z DC       -80338193.89   277838976.7
JP MCDOUGALL & C   1293298Z LN       -59332025.51   108780794.1
JPMORGAN CAZENOV   1076890Z LN       -3273441.597   147502007.3
JULIE LH BVBA      3739923Z BB       -65462971.58   119397670.6
JVC EUROPE LTD     2667041Z LN       -2824796.147   131998340.5
KABEL DEUT-ASST    KD8V GR            -1901940864    3182972434
KABEL DEUTS-CW10   DB7KWG GR          -1901940864    3182972434
KABEL DEUTSC-ADR   KBDHY US           -1901940864    3182972434
KABEL DEUTSC-NEW   KD8VEUR EO         -1901940864    3182972434
KABEL DEUTSC-NEW   KD8VEUR EU         -1901940864    3182972434
KABEL DEUTSCHLAN   KD8USD EO          -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 S1             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 TQ             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 EO             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 QX             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8D S2            -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 EU             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8D L3            -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 IX             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 QM             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8USD EU          -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 GR             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8D B3            -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 EB             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 LI             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 SW             -1901940864    3182972434
KABEL DEUTSCHLAN   KBDHF US           -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 NR             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8CHF EU          -1901940864    3182972434
KABEL DEUTSCHLAN   KD8CHF EO          -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 PZ             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 QT             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 BQ             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8 TH             -1901940864    3182972434
KABEL DEUTSCHLAN   KD8GBP EO          -1901940864    3182972434
KARENI BV          3140496Z NA       -22200.29082   127062363.4
KAUFRING AG        KFR EU            -19296489.56   150995473.8
KAUFRING AG        KFR PZ            -19296489.56   150995473.8
KAUFRING AG        KFR GR            -19296489.56   150995473.8
KAUFRING AG        KAUG IX           -19296489.56   150995473.8
KAUFRING AG        KFR EO            -19296489.56   150995473.8
KCA DEUTAG DRILL   2173132Z LN       -40951514.04   214072287.9
KEREVITAS GIDA     KVTGF US          -7228939.141     195026590
KEREVITAS GIDA     KERVT TI          -7228939.141     195026590
KERLING PLC        3537299Z LN       -110412955.5    2082150198
KESA ELECTRI-ADR   KESAY US          -418911342.6    1563994117
KESA ELECTRICALS   KESA LN           -418911342.6    1563994117
KESA ELECTRICALS   KESAEUR EO        -418911342.6    1563994117
KESA ELECTRICALS   KESA PZ           -418911342.6    1563994117
KESA ELECTRICALS   KESAI IX          -418911342.6    1563994117
KESA ELECTRICALS   KESA VX           -418911342.6    1563994117
KESA ELECTRICALS   KESAUSD EU        -418911342.6    1563994117
KESA ELECTRICALS   KESAEUR EU        -418911342.6    1563994117
KESA ELECTRICALS   KES EO            -418911342.6    1563994117
KESA ELECTRICALS   KESA EU           -418911342.6    1563994117
KESA ELECTRICALS   KESAGBP EO        -418911342.6    1563994117
KESA ELECTRICALS   KESAUSD EO        -418911342.6    1563994117
KESTREL HOLDINGS   4499515Z LN       -406756176.3   507174141.5
KILMARTIN HOLDIN   3589161Z LN       -32468603.82   576745598.9
KIMBERLY - CLARK   1298434Z LN       -97807698.98   891995975.8
KIROV TIRE PLANT   KIRT$ RU          -17984240.01   104831160.6
KLEENEZE PLC       KLZ LN            -14328734.27   110864074.5
KME FRANCE SAS     4714545Z FP        -996944.737   143591756.8
KOMBINAT ALUMINI   KAPG ME           -258860211.3   263843440.7
KON VOLKER WESS    KVW GR            -395744.3147    4036389300
KONINKLIJKE BOON   4173173Z NA       -22200.29082   129620421.6
KONINKLIJKE HASK   4037221Z NA       -69259.20141   230145390.9
KRONOS EUROPE SA   3643983Z BB       -6946196.597   143876670.7
KROSNO             KRS1EUR EU        -2241576.868   111836250.4
KROSNO             KRS LI            -2241576.868   111836250.4
KROSNO             KRS1EUR EO        -2241576.868   111836250.4
KROSNO             1169011D PW       -2241576.868   111836250.4
KROSNO             KROS IX           -2241576.868   111836250.4
KROSNO SA          KRS1 EO           -2241576.868   111836250.4
KROSNO SA          KRNFF US          -2241576.868   111836250.4
KROSNO SA          KROSNO PW         -2241576.868   111836250.4
KROSNO SA          KRS PZ            -2241576.868   111836250.4
KROSNO SA          KRS1 EU           -2241576.868   111836250.4
KROSNO SA-RTS      KRSP PW           -2241576.868   111836250.4
KROSNO-PDA-ALLT    KRSA PW           -2241576.868   111836250.4
KRUINENBORGH BEH   4377225Z NA       -614989.4228   234051736.9
KUIPER GROEP BV    3821988Z NA       -3688.420875   101931401.5
KUZNETSOV-BRD      MTSTP* RU          -8309982.19   365876569.3
KUZNETSOV-BRD      MTST RU            -8309982.19   365876569.3
KUZNETSOV-BRD      MTSTP RU           -8309982.19   365876569.3
KUZNETSOV-BRD      MTST* RU           -8309982.19   365876569.3
LA GIOVANNI-RTS    CREAXA IM         -42072998.36   291988991.4
LA HALLE SA        4681697Z FP       -9779394.712   506881489.8
LA SEDA DE -CW09   0001692W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0002108W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0003348W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0002109W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0000508W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0000507W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0005210W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0000663W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0000662W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0005211W SM       -739717245.2   686984724.9
LA SEDA DE -CW09   0001691W SM       -739717245.2   686984724.9
LA SEDA DE B-RTS   SED/B SM          -739717245.2   686984724.9
LA SEDA DE BA-RT   1015153Q SM       -739717245.2   686984724.9
LA SEDA DE BARCE   3687081Q SM       -739717245.2   686984724.9
LA SEDA DE BARCE   SEDE S2           -739717245.2   686984724.9
LA SEDA DE BARCE   SEDE B3           -739717245.2   686984724.9
LA SEDA DE BARCE   1039767Z SM       -739717245.2   686984724.9
LA SEDA DE BARCE   SED/D SM          -739717245.2   686984724.9
LA SEDA DE BARCE   SEDE L3           -739717245.2   686984724.9
LA SEDA DE BARCE   0543025D SM       -739717245.2   686984724.9
LAB DOLISOS        LADL FP           -27753198.79   110489533.6
LAB DOLISOS        DOLI FP           -27753198.79   110489533.6
LABORDE GESTION    4518583Z FP       -12402807.46   177436814.5
LAMBRAKIS PR -RT   DOLD GA           -98128969.86   188912550.2
LAMBRAKIS PRESS    LA3A GR           -98128969.86   188912550.2
LAMBRAKIS PRESS    LA3 GR            -98128969.86   188912550.2
LAMBRAKIS PRESS    DOL EO            -98128969.86   188912550.2
LAMBRAKIS PRESS    DOLR GA           -98128969.86   188912550.2
LAMBRAKIS PRESS    DOL GA            -98128969.86   188912550.2
LAMBRAKIS PRESS    LMBKF US          -98128969.86   188912550.2
LAMBRAKIS PRESS    DOL EU            -98128969.86   188912550.2
LAMBRAKIS PRESS    DOL PZ            -98128969.86   188912550.2
LAMBRAKIS R-R      DOLV10 GA         -98128969.86   188912550.2
LAMBRAKIS REPO     DOLL10 GA         -98128969.86   188912550.2
LAMBRAKIS-AUC      DOLE GA           -98128969.86   188912550.2
LANCASTER INVEST   1575538Z LN       -87465972.36   102198480.6
LANCELOT LAND BV   4044589Z NA        -97554863.6   159989870.7
LAND VAN HOP NV    3727898Z BB       -4232246.124   117433048.7
LAPSENT LTD        203678Z LN        -52500640.36   290374473.6
LAST MINUTE NETW   1180895Z LN       -428588925.2   301782821.7
LASTAS A/S-A       0122306D DC       -49485067.68   159639319.3
LASTAS A/S-B SHS   LASTB EU          -49485067.68   159639319.3
LASTAS A/S-B SHS   LASTB DC          -49485067.68   159639319.3
LASTAS A/S-B SHS   LASTBEUR EU       -49485067.68   159639319.3
LASTAS A/S-B SHS   INBO IX           -49485067.68   159639319.3
LASTAS A/S-B SHS   LAST/B PZ         -49485067.68   159639319.3
LASTAS A/S-B SHS   LASTBEUR EO       -49485067.68   159639319.3
LASTAS A/S-B SHS   LASTB EO          -49485067.68   159639319.3
LASTAS A/S-B SHS   LASTB BY          -49485067.68   159639319.3
LATIMER GROUP LT   4089809Z LN       -879564577.7   791552405.4
LAVIPHARM S.A.     LAVIY L3          -51677867.79   109024893.7
LAVIPHARM S.A.     LAVIY S2          -51677867.79   109024893.7
LAVIPHARM S.A.     LAVIY B3          -51677867.79   109024893.7
LAVIPHARM SA       LVIXF US          -51677867.79   109024893.7
LAVIPHARM SA       LAVI EU           -51677867.79   109024893.7
LAVIPHARM SA       LAVI PZ           -51677867.79   109024893.7
LAVIPHARM SA       LVP GR            -51677867.79   109024893.7
LAVIPHARM SA       LAVI GA           -51677867.79   109024893.7
LAVIPHARM SA       BXA GR            -51677867.79   109024893.7
LAVIPHARM SA       LAVI EO           -51677867.79   109024893.7
LAVIPHARM SA-RTS   LAVID GA          -51677867.79   109024893.7
LAVIPHARM SA-RTS   LAVIR GA          -51677867.79   109024893.7
LAVIPHARM-AUC      LAVIE GA          -51677867.79   109024893.7
LEEDS SPORTING     LEDPF US           -73166148.8   143762193.7
LEEDS SPORTING     LES LN             -73166148.8   143762193.7
LEEDS UNITED PLC   LUFC LN            -73166148.8   143762193.7
LEEDS UNITED PLC   889687Q GR         -73166148.8   143762193.7
LEEDS UNITED PLC   LDSUF US           -73166148.8   143762193.7
LENOVO BELGIUM S   3740171Z BB       -104525176.2    1113548956
LIBERTY GL EU-A    UPC NA             -5505478850    5112616630
LIBRA GROUP PLC    LHG EO            -39648682.41   209021322.6
LIBRA GROUP PLC    LHGCYP EU         -39648682.41   209021322.6
LIBRA GROUP PLC    LHGCYP EO         -39648682.41   209021322.6
LIBRA GROUP PLC    LHG EU            -39648682.41   209021322.6
LIBRA GROUP PLC    LHG CY            -39648682.41   209021322.6
LIBRA HOLIDA-RTS   LBR CY            -39648682.41   209021322.6
LIBRA HOLIDA-RTS   LGWR CY           -39648682.41   209021322.6
LIBRA HOLIDAY-RT   3167808Z CY       -39648682.41   209021322.6
LIBRA HOLIDAYS     LHGR CY           -39648682.41   209021322.6
LIBRA HOLIDAYS G   LHG PZ            -39648682.41   209021322.6
LIBRA HOLIDAYS-P   LBHG PZ           -39648682.41   209021322.6
LIBRA HOLIDAYS-P   LBHG CY           -39648682.41   209021322.6
LIBRO AG           LB6 GR            -110486313.8     174004185
LIBRO AG           LIBR AV           -110486313.8     174004185
LIBRO AG           LIB AV            -110486313.8     174004185
LIBRO AG           LBROF US          -110486313.8     174004185
LIGHT METALS IND   ETEMY L3           -7598573.75   160361172.3
LIGHT METALS IND   ETEMY B3           -7598573.75   160361172.3
LIGHT METALS IND   ETEMY S2           -7598573.75   160361172.3
LINO MANAGEMENT    3774416Z NA       -394579184.5   685321652.6
LIONCOVER INSURA   1120431Z LN       -221634.5078   741448932.8
LIVERPOOL FOOTBA   1273434Z LN       -67663901.97   349487574.1
LKAB NORGE AS      4401353Z NO       -460925.3937   430135628.2
LLOYDS BANK EQUI   1214495Z LN       -661502.0787   334567903.1
LLOYDS BANK EQUI   1238423Z LN       -1919497.182   270431461.4
LOEWE AG           LOE BQ            -2861100.078   140584053.8
LOEWE AG           LOE TQ            -2861100.078   140584053.8
LOEWE AG           LOE GR            -2861100.078   140584053.8
LOEWE AG           LOEK TQ           -2861100.078   140584053.8
LOEWE AG           LOE TH            -2861100.078   140584053.8
LOEWE AG           LOE PZ            -2861100.078   140584053.8
LOEWE AG           LOE EO            -2861100.078   140584053.8
LOEWE AG           LOE EU            -2861100.078   140584053.8
LOEWE AG           LOEG IX           -2861100.078   140584053.8
LOEWE AG           LOEK QT           -2861100.078   140584053.8
LOEWE AG           LOEK GR           -2861100.078   140584053.8
LOEWE AG           LOEK BQ           -2861100.078   140584053.8
LOEWE AG           LOE S1            -2861100.078   140584053.8
LOEWE AG           LOEEF US          -2861100.078   140584053.8
LOFTUS ROAD PLC    LFURF US          -193935862.6   120047585.7
LOMBARD CORPORAT   1162975Z LN       -7309362.404   198951662.4
LONDON TOWN PLC    LTWEUR EU         -21897636.36   175672299.2
LONDON TOWN PLC    LOU GR            -21897636.36   175672299.2
LONDON TOWN PLC    LTWEUR EO         -21897636.36   175672299.2
LONDON TOWN PLC    LTW EU            -21897636.36   175672299.2
LONDON TOWN PLC    LTW IX            -21897636.36   175672299.2
LONDON TOWN PLC    LTW PO            -21897636.36   175672299.2
LONDON TOWN PLC    LTW LN            -21897636.36   175672299.2
LONDON TOWN PLC    LTW PG            -21897636.36   175672299.2
LONDON TOWN PLC    LTWR LN           -21897636.36   175672299.2
LONDON TOWN PLC    LTW PZ            -21897636.36   175672299.2
LONDON TOWN PLC    LTW EO            -21897636.36   175672299.2
LONDON TOWN PLC    LTWX LN           -21897636.36   175672299.2
LTR FINANCE NO 8   3816616Z ID       -5725709.873   192004847.4
LUGANSKOBLENERGO   LOEN UZ           -15333824.91   193193520.1
M 2003 PLC         MTWOF US           -2203513803    7204891602
M 2003 PLC         203055Q LN         -2203513803    7204891602
M 2003 PLC-ADR     MTWOE US           -2203513803    7204891602
M 2003 PLC-ADR     MTWOY US           -2203513803    7204891602
M-INDUSTRIYA       SOMI RU           -1939922.304   224642713.4
MAGMA DD           MGMAREUR EU        -14866764.5   104029160.5
MAGMA DD           MGMARA CZ          -14866764.5   104029160.5
MAGMA DD           MGMARHRK EO        -14866764.5   104029160.5
MAGMA DD           MGMARHRK EU        -14866764.5   104029160.5
MAGMA DD           MGMAREUR EO        -14866764.5   104029160.5
MAGNETI MARELLI    3643903Z SM       -249160.3447   256260168.7
MAINAU FUNDING L   4460161Z ID       -210886395.2    1273830985
MAKRO CASH & CAR   4281845Z PL       -5353005.422   208082462.7
MAKRO SELF SERVI   1373618Z LN       -60067907.22   319992553.1
MAN LAST OG BUSS   4521719Z NO       -670202.3737   175532977.5
MAN VEHICULOS IN   3634127Z SM       -6234511.698   332429019.1
MANIA TECHNOLOGI   MNIG IX           -35060806.41   107465704.6
MANIA TECHNOLOGI   MNI GR            -35060806.41   107465704.6
MANIA TECHNOLOGI   MNI1 EU           -35060806.41   107465704.6
MANIA TECHNOLOGI   MIAVF US          -35060806.41   107465704.6
MANIA TECHNOLOGI   MNI NM            -35060806.41   107465704.6
MANIA TECHNOLOGI   MNI S1            -35060806.41   107465704.6
MANIA TECHNOLOGI   2260970Z GR       -35060806.41   107465704.6
MANIA TECHNOLOGI   MNI TH            -35060806.41   107465704.6
MANIA TECHNOLOGI   MNI1 EO           -35060806.41   107465704.6
MANIA TECHNOLOGI   MNI PZ            -35060806.41   107465704.6
MAPELEY STEPS CO   1914846Z LN       -65795182.14   128959683.5
MARCONI PLC        MNI LN             -2203513803    7204891602
MARCONI PLC        MRCQF US           -2203513803    7204891602
MARCONI PLC        MONI BB            -2203513803    7204891602
MARCONI PLC        MNI BB             -2203513803    7204891602
MARCONI PLC        MY2 GR             -2203513803    7204891602
MARCONI PLC        203083Q VX         -2203513803    7204891602
MARCONI PLC-ADR    MONIY US           -2203513803    7204891602
MARCONI PLC-ADR    MONIE US           -2203513803    7204891602
MARCONI PLC-ADR    MCONY US           -2203513803    7204891602
MARCONI PLC-ADR    MRCQY US           -2203513803    7204891602
MARCONI PLC-ADR    MCBA GR            -2203513803    7204891602
MARCONI PLC-ADR    QUQMON AU          -2203513803    7204891602
MARCONI PLC-ADR    MY2A GR            -2203513803    7204891602
MARCONI PLC-ADR    MONI US            -2203513803    7204891602
MARINE SUBSEA AS   MSAS NO             -280249984     357512992
MARINOTEIS-SOCIE   4753761Z PL       -14953194.76   133756219.5
MARTINSA FADESA    MTF EU             -5570172023    2895244415
MARTINSA FADESA    MTF SM             -5570172023    2895244415
MARTINSA FADESA    MTF1 LI            -5570172023    2895244415
MARTINSA FADESA    MTF EO             -5570172023    2895244415
MARTINSA FADESA    MFAD PZ            -5570172023    2895244415
MARTINSA FADESA    4PU GR             -5570172023    2895244415
MARTINSA-FADESA    MTF NR             -5570172023    2895244415
MATERNUS KLINI-N   MAK1 GR           -44477800.05   168038275.8
MATERNUS-KLINIKE   MAKD S2           -44477800.05   168038275.8
MATERNUS-KLINIKE   MAK EU            -44477800.05   168038275.8
MATERNUS-KLINIKE   MAK PZ            -44477800.05   168038275.8
MATERNUS-KLINIKE   MNUKF US          -44477800.05   168038275.8
MATERNUS-KLINIKE   MAK QT            -44477800.05   168038275.8
MATERNUS-KLINIKE   MAKD L3           -44477800.05   168038275.8
MATERNUS-KLINIKE   MAK GR            -44477800.05   168038275.8
MATERNUS-KLINIKE   MAK TH            -44477800.05   168038275.8
MATERNUS-KLINIKE   MAKD B3           -44477800.05   168038275.8
MATERNUS-KLINIKE   MAKG IX           -44477800.05   168038275.8
MATERNUS-KLINIKE   MAK S1            -44477800.05   168038275.8
MATERNUS-KLINIKE   MAK EO            -44477800.05   168038275.8
MATUSSIERE & FOR   MTUSF US          -77899559.39   293879179.1
MATUSSIERE & FOR   1007765Q FP       -77899559.39   293879179.1
MAYBOURNE HOTELS   1824362Z LN       -10154957.99   465282588.7
MCGRAW-HILL INTE   1275642Z LN       -397583.9996   122720927.9
MCINERNEY -RT FP   MCIF LN           -137972148.5   304108432.2
MCINERNEY -RT FP   MCIF ID           -137972148.5   304108432.2
MCINERNEY -RT NP   MCIN LN           -137972148.5   304108432.2
MCINERNEY -RT NP   MCIN ID           -137972148.5   304108432.2
MCINERNEY HLDGS    MCIGBX EU         -137972148.5   304108432.2
MCINERNEY HLDGS    MNEYF US          -137972148.5   304108432.2
MCINERNEY HLDGS    MCII IX           -137972148.5   304108432.2
MCINERNEY HLDGS    MCIGBX EO         -137972148.5   304108432.2
MCINERNEY HLDGS    MCI LN            -137972148.5   304108432.2
MCINERNEY HLDGS    MCI EO            -137972148.5   304108432.2
MCINERNEY HLDGS    MK9 PO            -137972148.5   304108432.2
MCINERNEY HLDGS    MCI EU            -137972148.5   304108432.2
MCINERNEY HLDGS    MK9 GR            -137972148.5   304108432.2
MCINERNEY HLDGS    MCI VX            -137972148.5   304108432.2
MCINERNEY HLDGS    MCI IX            -137972148.5   304108432.2
MCINERNEY HLDGS    MK9C PZ           -137972148.5   304108432.2
MCINERNEY HLDGS    MCI ID            -137972148.5   304108432.2
MCINERNEY HLDGS    MCI PO            -137972148.5   304108432.2
MCINERNEY HLDGS    MCIGBP EO         -137972148.5   304108432.2
MCINERNEY PROP-A   MYP ID            -137972148.5   304108432.2
MCINERNEY PROP-A   MCIYF US          -137972148.5   304108432.2
MCINERNEY PROP-A   MYP LN            -137972148.5   304108432.2
MCINERNEY-ADR      MNEYY US          -137972148.5   304108432.2
MEADOWHALL FINAN   3560793Z LN       -18209829.52    1185929065
MECHANGROEP BV     4501491Z NA       -154404.9003     124805349
MECHEL             MTLRG RU            -221372976   11383539712
MECHEL             MTLR RM             -221372976   11383539712
MECHEL             MTLR* RU            -221372976   11383539712
MECHEL             MTLR2 RM            -221372976   11383539712
MECHEL             MTLR0 RM            -221372976   11383539712
MECHEL             MTLR RU             -221372976   11383539712
MECHEL OAO-ADR     SAM LI              -221372976   11383539712
MECHEL-ADR         FQF GR              -221372976   11383539712
MECHEL-PFD         MTLRPG RU           -221372976   11383539712
MECHEL-PFD         MTLRP0 RM           -221372976   11383539712
MECHEL-PFD         MTLRP* RU           -221372976   11383539712
MECHEL-PFD         MTLRP RU            -221372976   11383539712
MECHEL-PFD         MTLRP2 RM           -221372976   11383539712
MECHEL-PREF        MTLRP RM            -221372976   11383539712
MECHEL-PREF ADR    MHSE GR             -221372976   11383539712
MECHEL-PREF ADR    MTL/P US            -221372976   11383539712
MECHEL-SP GDR      MTLR LI             -221372976   11383539712
MECHEL-SPON ADR    MHSA GR             -221372976   11383539712
MECHEL-SPON ADR    MTL US              -221372976   11383539712
MECHEL-SPON ADR    MTLUSD EU           -221372976   11383539712
MECHEL-SPON ADR    MTLUSD EO           -221372976   11383539712
MECHEL-SPON ADR    FQFG IX             -221372976   11383539712
MEDIMMUNE LTD      1596402Z LN        -1136873211   581445076.9
MERIDIANA SPA      1163Z IM          -4509241.938   181803591.5
METALLURGIC-BRD    METZ* RU          -25115600.28   358960368.2
METALLURGIC-BRD    METZ RU           -25115600.28   358960368.2
METALLURGIC-PFD    METZP* RU         -25115600.28   358960368.2
METALLURGIC-PFD    METZP RU          -25115600.28   358960368.2
METRIS ENGINEERI   3737699Z BB       -18042204.26   229878853.9
METRO DO PORTO S   4473963Z PL        -1539365046    3027538897
METROPOLITANO DE   1009Z PL          -626361531.4    6624482591
MICRO FOCUS INTL   M7Q2 GR               -2795000     571790976
MICRO FOCUS INTL   MCROGBP EO            -2795000     571790976
MICRO FOCUS INTL   MCROL BQ              -2795000     571790976
MICRO FOCUS INTL   M7Q GK                -2795000     571790976
MICRO FOCUS INTL   MCRO9 EO              -2795000     571790976
MICRO FOCUS INTL   MCROEUR EU            -2795000     571790976
MICRO FOCUS INTL   MCRO QM               -2795000     571790976
MICRO FOCUS INTL   MCRO LN               -2795000     571790976
MICRO FOCUS INTL   MCRO5 EO              -2795000     571790976
MICRO FOCUS INTL   MCRO QX               -2795000     571790976
MICRO FOCUS INTL   MCROUSD EO            -2795000     571790976
MICRO FOCUS INTL   MCROUSD EU            -2795000     571790976
MICRO FOCUS INTL   MCROPEN EO            -2795000     571790976
MICRO FOCUS INTL   MCROEUR EO            -2795000     571790976
MICRO FOCUS INTL   MCRO7 EO              -2795000     571790976
MICRO FOCUS INTL   MCRO8 EO              -2795000     571790976
MICRO FOCUS INTL   MCROL L3              -2795000     571790976
MICRO FOCUS INTL   MCRO EO               -2795000     571790976
MICRO FOCUS INTL   MCRO IX               -2795000     571790976
MICRO FOCUS INTL   MCROL S2              -2795000     571790976
MICRO FOCUS INTL   MCRO1 EO              -2795000     571790976
MICRO FOCUS INTL   MCRO TQ               -2795000     571790976
MICRO FOCUS INTL   MCROPEN EU            -2795000     571790976
MICRO FOCUS INTL   M7Q1 GR               -2795000     571790976
MICRO FOCUS INTL   MCROL S1              -2795000     571790976
MICRO FOCUS INTL   MCRO2 EO              -2795000     571790976
MICRO FOCUS INTL   MCRO6 EO              -2795000     571790976
MICRO FOCUS INTL   MCRO3 EO              -2795000     571790976
MICRO FOCUS INTL   MCFUF US              -2795000     571790976
MICRO FOCUS INTL   MCRO4 EO              -2795000     571790976
MICRO FOCUS INTL   MCRO NQ               -2795000     571790976
MICRO FOCUS INTL   MCRO VX               -2795000     571790976
MICRO FOCUS INTL   MCRO NR               -2795000     571790976
MICRO FOCUS INTL   MCRO BQ               -2795000     571790976
MICRO FOCUS INTL   MCRO S1               -2795000     571790976
MICRO FOCUS INTL   MCRO EU               -2795000     571790976
MICRO FOCUS INTL   MCRO EB               -2795000     571790976
MICRO FOCUS INTL   M7Q3 GR               -2795000     571790976
MICRO FOCUS INTL   MCR2 EO               -2795000     571790976
MICRO FOCUS INTL   M7Q GR                -2795000     571790976
MICRO FOCUS INTL   MCROL B3              -2795000     571790976
MICRO FOCUS INTL   MCFUD US              -2795000     571790976
MICRO FOCUS INTL   MCRO PO               -2795000     571790976
MICRO FOCUS INTL   MCRO PZ               -2795000     571790976
MICRO FOCUS-ADR    1120744D GR           -2795000     571790976
MICRO FOCUS-ADR    MCFUY US              -2795000     571790976
MIDLAND EXPRESSW   583730Z LN        -286663046.8    1047022514
MILLENNIUM STADI   1727672Z LN        -35927709.3   143590875.7
MILLIMAGES         8131905Q FP        -1006036.19   113452793.4
MILLIMAGES         MIL1 EO            -1006036.19   113452793.4
MILLIMAGES         MILI FP            -1006036.19   113452793.4
MILLIMAGES         MIL1 EU            -1006036.19   113452793.4
MILLIMAGES         MLIGF US           -1006036.19   113452793.4
MILLIMAGES         MILF PZ            -1006036.19   113452793.4
MILLIMAGES         MILT FP            -1006036.19   113452793.4
MILLIMAGES         MG6 GR             -1006036.19   113452793.4
MILLIMAGES         MIL1 PZ            -1006036.19   113452793.4
MILLIMAGES         MIL S1             -1006036.19   113452793.4
MILLIMAGES         MLMG IX            -1006036.19   113452793.4
MILLIMAGES - RTS   0134468D FP        -1006036.19   113452793.4
MILLIMAGES -NREG   MILNREUR EO        -1006036.19   113452793.4
MILLIMAGES -NREG   MILNREUR EU        -1006036.19   113452793.4
MILLIMAGES -NREG   MILNR FP           -1006036.19   113452793.4
MILLIMAGES -REGR   MIL TQ             -1006036.19   113452793.4
MILLIMAGES -REGR   MIL EB             -1006036.19   113452793.4
MILLIMAGES -REGR   MIL FP             -1006036.19   113452793.4
MILLIMAGES -REGR   MIL1EUR EO         -1006036.19   113452793.4
MILLIMAGES -REGR   MIL IX             -1006036.19   113452793.4
MILLIMAGES -REGR   MIL1EUR EU         -1006036.19   113452793.4
MILLIMAGES NR -    MILNRP B3          -1006036.19   113452793.4
MILLIMAGES NR -    MILNRP L3          -1006036.19   113452793.4
MILLIMAGES NR -    MILP S2            -1006036.19   113452793.4
MILLIMAGES NR -    MILNRP S2          -1006036.19   113452793.4
MILLIMAGES NR -    MILP B3            -1006036.19   113452793.4
MILLIMAGES NR -    MILP L3            -1006036.19   113452793.4
MILLIMAGES-RTS     MILDS FP           -1006036.19   113452793.4
MILLIMAGES-RTS     760037Q FP         -1006036.19   113452793.4
MILLIPORE UK LT    1924526Z LN       -30970136.97   253254381.4
MOBILE TELESYSTE   4115696Z LX         -348018999   808519791.7
MONARCH HOLDINGS   4502027Z LN       -249731094.1   658980214.4
MONTE MARE GRADO   4359985Z IM       -535795.2118   100538343.7
MOSPROMSTROY-BRD   MPSM RU           -50614422.93   250831050.5
MOSPROMSTROY-BRD   MPSM* RU          -50614422.93   250831050.5
MOSPROMSTROY-PFD   MPSMP RU          -50614422.93   250831050.5
MOSPROMSTROY-PFD   MPSMP* RU         -50614422.93   250831050.5
MOSTOBUD           MTBD UZ           -56429248.17   122386286.9
MOTO HOSPITALITY   1344378Z LN         -139041358    1143143841
MOUCHEL GROUP PL   MCHL NR           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL LN           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL IX           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHLEUR EO        -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL EO           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHLEUR EU        -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL BQ           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHLGBP EO        -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL S1           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL EB           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL QM           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL PZ           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL TQ           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL EU           -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL NQ           -62838511.24   491368809.7
MOUCHEL GROUP PL   MO6 GR            -62838511.24   491368809.7
MOUCHEL GROUP PL   MOUCF US          -62838511.24   491368809.7
MOUCHEL GROUP PL   MCHL VX           -62838511.24   491368809.7
MOUCHEL PARKMAN    MCHL PO           -62838511.24   491368809.7
MSREF ELBA BV      4043045Z NA       -87419.09909   568916342.9
MVCI HOLIDAYS FR   4524959Z FP       -121090126.7   181621467.2
MYRMIDON CMBS PR   3819292Z ID       -106451277.7   274185088.8
MYTRAVEL GROUP     ARO2 GR             -379731744    1817560463
MYTRAVEL GROUP     MT/S LN             -379731744    1817560463
MYTRAVEL GROUP     3544280Q IX         -379731744    1817560463
MYTRAVEL GROUP     MT/S PO             -379731744    1817560463
MYTRAVEL GROUP     MT/S VX             -379731744    1817560463
MYTRAVEL GROUP     MYTPF US            -379731744    1817560463
MYTRAVEL GROUP P   MT/ LN              -379731744    1817560463
MYTRAVEL GROUP P   1018144Q GR         -379731744    1817560463
MYTRAVEL GROUP P   MT/ VX              -379731744    1817560463
MYTRAVEL GROUP P   MYTGF US            -379731744    1817560463
MYTRAVEL GROUP-A   2281919Q GR         -379731744    1817560463
MYTRAVEL GROUP-A   MYTVF US            -379731744    1817560463
MYTRAVEL TOUR OP   1190295Z LN        -2772041051   706177528.1
NAFTOKHIMIK PRIC   NAFP UZ           -15122638.98   167861356.9
NAFTOKHIMIK-GDR    N3ZA GR           -15122638.98   167861356.9
NAOUSSA SPIN -RT   NAOYD GA          -163112562.6   286535432.7
NAOUSSA SPIN-AUC   NAOYKE GA         -163112562.6   286535432.7
NAOUSSA SPIN-RTS   NAOYKR GA         -163112562.6   286535432.7
NAOUSSA SPINNING   NML GR            -163112562.6   286535432.7
NATURGAS ENERGIA   4365797Z SM       -14710105.75     418158346
NCC CONSTRUCTION   4389745Z NO       -7109783.015   480936679.5
NCC ROADS AS       4401305Z NO       -15956764.57   169875159.1
NDS GROUP HOLDIN   0112196D US         -720982016     649305984
NDS GROUP HOLDIN   NDSG US             -720982016     649305984
NEORION HOLDINGS   NEORS PZ          -221551.2364   429186289.2
NEORION HOLDINGS   NEORS EU          -221551.2364   429186289.2
NEORION HOLDINGS   NEORS GA          -221551.2364   429186289.2
NEORION HOLDINGS   NEORS EO          -221551.2364   429186289.2
NEORION NEW SA     NRNSF US          -221551.2364   429186289.2
NEORION NEW-AUC    NEORSE GA         -221551.2364   429186289.2
NERVACERO SA       4469951Z SM       -128546578.4   628042068.6
NESTLE UK LTD      1274562Z LN       -365280299.7    4383623775
NEW LOOK GROUP     648227Q LN        -651436258.7    2033386885
NEW LOOK GRP       NWLOF US          -651436258.7    2033386885
NEW LOOK GRP-ASD   NEWA LN           -651436258.7    2033386885
NEW LOOK RETAIL    2711544Z LN       -585235291.1    2073906244
NEW STAR ASSET     3226447Q EO       -397728016.9   292980082.9
NEW STAR ASSET     NSAM IX           -397728016.9   292980082.9
NEW STAR ASSET     NSAM TQ           -397728016.9   292980082.9
NEW STAR ASSET     3226443Q EO       -397728016.9   292980082.9
NEW STAR ASSET     3226431Q EU       -397728016.9   292980082.9
NEW STAR ASSET     3226439Q EU       -397728016.9   292980082.9
NEW STAR ASSET     N6S GR            -397728016.9   292980082.9
NEW STAR ASSET     NSAA LN           -397728016.9   292980082.9
NEW STAR ASSET     NSAM PO           -397728016.9   292980082.9
NEW STAR ASSET     NSAM PZ           -397728016.9   292980082.9
NEW STAR ASSET     NWSAF US          -397728016.9   292980082.9
NEW STAR ASSET     3226435Q EO       -397728016.9   292980082.9
NEW STAR ASSET M   NSAM LN           -397728016.9   292980082.9
NEW WORLD R-A SH   NWR PW            -193440286.1   705668382.6
NEW WORLD R-A SH   NWRUKK S2         -193440286.1   705668382.6
NEW WORLD R-A SH   NWRUK TQ          -193440286.1   705668382.6
NEW WORLD R-A SH   NWR PZ            -193440286.1   705668382.6
NEW WORLD R-A SH   NW5D L3           -193440286.1   705668382.6
NEW WORLD R-A SH   NWRW B3           -193440286.1   705668382.6
NEW WORLD R-A SH   NWR EO            -193440286.1   705668382.6
NEW WORLD R-A SH   NWR NR            -193440286.1   705668382.6
NEW WORLD R-A SH   NWR BQ            -193440286.1   705668382.6
NEW WORLD R-A SH   NW5D S2           -193440286.1   705668382.6
NEW WORLD R-A SH   NWRW L3           -193440286.1   705668382.6
NEW WORLD R-A SH   NWR QM            -193440286.1   705668382.6
NEW WORLD R-A SH   NWRUKK L3         -193440286.1   705668382.6
NEW WORLD R-A SH   NWRL L3           -193440286.1   705668382.6
NEW WORLD R-A SH   NWR S1            -193440286.1   705668382.6
NEW WORLD R-A SH   NWR LN            -193440286.1   705668382.6
NEW WORLD R-A SH   NWR TQ            -193440286.1   705668382.6
NEW WORLD R-A SH   NWRW S2           -193440286.1   705668382.6
NEW WORLD R-A SH   NWR EU            -193440286.1   705668382.6
NEW WORLD R-A SH   NWRL S2           -193440286.1   705668382.6
NEW WORLD R-A SH   NWR CP            -193440286.1   705668382.6
NEW WORLD R-A SH   NW5D B3           -193440286.1   705668382.6
NEW WORLD R-A SH   NWR IX            -193440286.1   705668382.6
NEW WORLD R-A SH   NW5 GR            -193440286.1   705668382.6
NEW WORLD R-A SH   NWRUKK B3         -193440286.1   705668382.6
NEW WORLD R-A SH   NWR EB            -193440286.1   705668382.6
NEW WORLD R-A SH   NWRL B3           -193440286.1   705668382.6
NEW WORLD R-A SH   NWR1 TQ           -193440286.1   705668382.6
NEW WORLD R-B      0743168D LN       -193440286.1   705668382.6
NEW WORLD R-RTS    NWRP PW           -193440286.1   705668382.6
NEW WORLD R-RTSF   NWRFGBX EU        -193440286.1   705668382.6
NEW WORLD R-RTSF   NWRF LN           -193440286.1   705668382.6
NEW WORLD R-RTSF   NWRFGBX EO        -193440286.1   705668382.6
NEW WORLD R-RTSN   NWRNCZK EO        -193440286.1   705668382.6
NEW WORLD R-RTSN   NWRNGBX EU        -193440286.1   705668382.6
NEW WORLD R-RTSN   NWRN LN           -193440286.1   705668382.6
NEW WORLD R-RTSN   NWRNCZK EU        -193440286.1   705668382.6
NEW WORLD R-RTSN   NWRNGBX EO        -193440286.1   705668382.6
NEW WORLD RESO-A   A37 QM            -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1PLN EU       -250414347.9   647734819.8
NEW WORLD RESO-A   A37 BQ            -250414347.9   647734819.8
NEW WORLD RESO-A   NWRSI IX          -250414347.9   647734819.8
NEW WORLD RESO-A   A37PLN EU         -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1USD EU       -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1 NR          -250414347.9   647734819.8
NEW WORLD RESO-A   A37CZK EO         -250414347.9   647734819.8
NEW WORLD RESO-A   A37GBP EO         -250414347.9   647734819.8
NEW WORLD RESO-A   A37GBX EO         -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1GBP EO       -250414347.9   647734819.8
NEW WORLD RESO-A   NWN CP            -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1CZK EU       -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN PZ           -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1USD EO       -250414347.9   647734819.8
NEW WORLD RESO-A   A37 EU            -250414347.9   647734819.8
NEW WORLD RESO-A   0882467D TQ       -250414347.9   647734819.8
NEW WORLD RESO-A   A37USD EU         -250414347.9   647734819.8
NEW WORLD RESO-A   A37CZK EU         -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1PLN EO       -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1 QM          -250414347.9   647734819.8
NEW WORLD RESO-A   A37GBX EU         -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1 TQ          -250414347.9   647734819.8
NEW WORLD RESO-A   A37 TQ            -250414347.9   647734819.8
NEW WORLD RESO-A   NWCSF US          -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1 EO          -250414347.9   647734819.8
NEW WORLD RESO-A   A37USD EO         -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1 EU          -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1 BQ          -250414347.9   647734819.8
NEW WORLD RESO-A   A37 NR            -250414347.9   647734819.8
NEW WORLD RESO-A   1062172D LN       -250414347.9   647734819.8
NEW WORLD RESO-A   2777648Z LX       -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1GBX EU       -250414347.9   647734819.8
NEW WORLD RESO-A   A37 EO            -250414347.9   647734819.8
NEW WORLD RESO-A   NWRS IX           -250414347.9   647734819.8
NEW WORLD RESO-A   1083235D GR       -250414347.9   647734819.8
NEW WORLD RESO-A   A37 NQ            -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1GBX EO       -250414347.9   647734819.8
NEW WORLD RESO-A   A37PLN EO         -250414347.9   647734819.8
NEW WORLD RESO-A   NWRN1CZK EO       -250414347.9   647734819.8
NEW WORLD RESO-B   0746517D NA       -250414347.9   647734819.8
NEW WORLD RESOUR   973960Z NA        -250414347.9   647734819.8
NEW WORLD RESOUR   NWN PW            -250414347.9   647734819.8
NEW WORLD RESOUR   1064273D LN       -193440286.1   705668382.6
NEW WORLD-RTS      NWRSR CP          -193440286.1   705668382.6
NEWCASTLE UNITED   4380361Z LN       -33690958.84   234612813.1
NEWCASTLE UNITED   1060322Z LN       -49091585.54   238073462.4
NEWEN ENTERPRISE   NEP CN              -347363008     314752992
NEXANS COPPER FR   4744809Z FP       -22661844.26   308623822.2
NEXTIRAONE         500526Z FP        -25568491.37     235050215
NIEUWE BORG REAL   3781672Z NA       -1980.869704     208630571
NIZHMASHZAVO-BRD   NMSZ RU           -35825130.99     507871146
NIZHMASHZAVO-BRD   NMSZ* RU          -35825130.99     507871146
NIZHMASHZAVO-PFD   NMSZP* RU         -35825130.99     507871146
NIZHMASHZAVO-PFD   NMSZP RU          -35825130.99     507871146
NIZHMASHZAVOD-BD   NMSZ$ RU          -35825130.99     507871146
NORBAIN GROUP LT   4007676Z LN       -18880913.74   122682534.9
NORDAG AG          DOO1 GR           -482467.0522   144438127.4
NORDAG AG-PFD      DOO3 GR           -482467.0522   144438127.4
NORDAG AG-RTS      DOO8 GR           -482467.0522   144438127.4
NORDENIA INTERNA   NOD GR            -74469671.73   729606340.7
NORDENIA INTL AG   NOD8 GR           -74469671.73   729606340.7
NORDICOM A/S       NRDCC S2          -23092661.41     416012644
NORDICOM A/S       NRDCC B3          -23092661.41     416012644
NORDICOM A/S       NRDCC L3          -23092661.41     416012644
NORDICOM A/S-RTS   NRDCT DC          -23092661.41     416012644
NORDICOM AS        NRDC BY           -23092661.41     416012644
NORDICOM AS        NRDC IX           -23092661.41     416012644
NORDICOM AS        NRDCEUR EO        -23092661.41     416012644
NORDICOM AS        NRDC EO           -23092661.41     416012644
NORDICOM AS        NRDC EU           -23092661.41     416012644
NORDICOM AS        NRDCC EB          -23092661.41     416012644
NORDICOM AS        CEPH DC           -23092661.41     416012644
NORDICOM AS        NRDC DC           -23092661.41     416012644
NORDICOM AS        NRDCEUR EU        -23092661.41     416012644
NORDICOM AS        NRDC TQ           -23092661.41     416012644
NORDICOM AS        NRDC PZ           -23092661.41     416012644
NORDICOM AS-NEW    NORN DC           -23092661.41     416012644
NORDSEE AG         533061Q GR         -8200576.76   194617530.6
NORDSEE GMBH       3988724Z GR       -81591772.37   201788718.4
NORFOLK HOLDINGS   779151Z NA         -192035.398   782945491.9
NORSK STEIN AS     4394889Z NO       -1237127.989   254760725.7
NORTH AMERICAN     NAUHF US            -347363008     314752992
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NORTHERN FO-ASSD   NFDA LN           -70166768.88   924680805.3
NORTHERN FOO-NEW   NFDN LN           -70166768.88   924680805.3
NORTHERN FOO-RFD   650060Q LN        -70166768.88   924680805.3
NORTHERN FOODS     NFDS EO           -70166768.88   924680805.3
NORTHERN FOODS     NFDS EU           -70166768.88   924680805.3
NORTHERN FOODS     NFDS BQ           -70166768.88   924680805.3
NORTHERN FOODS     NFDS QM           -70166768.88   924680805.3
NORTHERN FOODS     NFO GK            -70166768.88   924680805.3
NORTHERN FOODS     NFDS IX           -70166768.88   924680805.3
NORTHERN FOODS     NFDS EB           -70166768.88   924680805.3
NORTHERN FOODS     NFDS NR           -70166768.88   924680805.3
NORTHERN FOODS     NFDS VX           -70166768.88   924680805.3
NORTHERN FOODS     NFDSUSD EO        -70166768.88   924680805.3
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NORTHERN FOODS     NFDS TQ           -70166768.88   924680805.3
NORTHERN FOODS     NFDS PO           -70166768.88   924680805.3
NORTHERN FOODS     NFDSEUR EO        -70166768.88   924680805.3
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NORTHERN FOODS     NFDSEUR EU        -70166768.88   924680805.3
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NORTHERN FOODS     NFDS NQ           -70166768.88   924680805.3
NORTHERN FOODS     NFDSUSD EU        -70166768.88   924680805.3
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NORTHLAND RE-RES   1009610Q NO         -347363008     314752992
NORTHLAND RESOUR   NAUUSD EU           -347363008     314752992
NORTHLAND RESOUR   NPK GR              -347363008     314752992
NORTHLAND RESOUR   NAUNOK EO           -347363008     314752992
NORTHLAND RESOUR   NAUR SS             -347363008     314752992
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NORTHLAND RESOUR   NPK TH              -347363008     314752992
NORTHLAND RESOUR   NAUNOK EU           -347363008     314752992
NORTHLAND RESOUR   NPKD L3             -347363008     314752992
NORTHLAND RESOUR   NAURO L3            -347363008     314752992
NORTHLAND RESOUR   NPKD S2             -347363008     314752992
NORTHLAND RESOUR   NAURO S2            -347363008     314752992
NORTHLAND RESOUR   NPKD B3             -347363008     314752992
NORTHLAND RESOUR   NAURO B3            -347363008     314752992
NORTHLAND RESOUR   NAUR TQ             -347363008     314752992
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NORTHLAND RESOUR   NAU CN              -347363008     314752992
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NORTHLAND RESOUR   NAUGBX EU           -347363008     314752992
NORTHLAND RESOUR   NAU BY              -347363008     314752992
NORTHLAND-NEW      NAURR NO            -347363008     314752992
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NORWEGIAN -A SRS   NORENOK EU          -107236815   485303327.5
NORWEGIAN -A SRS   NORE NO             -107236815   485303327.5
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NORWEGIAN ENERGY   NRWEF US            -107236815   485303327.5
NORWEGIAN ENERGY   NOR1EUR EO          -107236815   485303327.5
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NORWEGIAN ENERGY   NORO S2             -107236815   485303327.5
NORWEGIAN ENERGY   NORN PZ             -107236815   485303327.5
NORWEGIAN ENERGY   NORC NO             -107236815   485303327.5
NORWEGIAN ENERGY   NOR1USD EO          -107236815   485303327.5
NORWEGIAN ENERGY   CJ1 GR              -107236815   485303327.5
NORWEGIAN ENERGY   NOR1USD EU          -107236815   485303327.5
NORWEGIAN ENERGY   1250511D NO         -107236815   485303327.5
NORWEGIAN ENERGY   NOR1EUR EU          -107236815   485303327.5
NORWEGIAN ENERGY   NORECO NO           -107236815   485303327.5
NORWEGIAN ENERGY   NOR TQ              -107236815   485303327.5
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NORWEGIAN ENERGY   NOR NO              -107236815   485303327.5
NORWEGIAN ENERGY   NOR1 EU             -107236815   485303327.5
NOVAR ED&S LTD     1286578Z LN       -34675951.17   139038437.9
NOVELIS FOIL FRA   4678593Z FP       -49448141.87   103051804.1
NOVOSIBIRSK-BRD    NVMZ RU           -34853954.29   109085860.9
NOVOSIBIRSK-BRD    NVMZ$ RU          -34853954.29   109085860.9
NOVOSIBIRSK-BRD    NVMZ* RU          -34853954.29   109085860.9
NPIL HOLDCO LTD    3641071Z LN       -174439226.7   865153864.4
NPOWER GAS LTD     1689816Z LN       -343438041.9   469041453.8
NRJ 12             4681713Z FP       -7657615.259   104653825.6
NTT COM SECURITY   AAGN S1           -30518620.96   237457667.5
NTT COM SECURITY   AAGN EO           -30518620.96   237457667.5
NTT COM SECURITY   AAGN TQ           -30518620.96   237457667.5
NTT COM SECURITY   AAGN GR           -30518620.96   237457667.5
NTT COM SECURITY   AAGND L3          -30518620.96   237457667.5
NTT COM SECURITY   AAGN QT           -30518620.96   237457667.5
NTT COM SECURITY   AAGND S1          -30518620.96   237457667.5
NTT COM SECURITY   AAGND B3          -30518620.96   237457667.5
NTT COM SECURITY   AAGN EU           -30518620.96   237457667.5
NTT COM SECURITY   AAGND S2          -30518620.96   237457667.5
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NUERNB HYPOTHEK    0478131D GR        -2104112446      5.86E+11
NUTRIBIO SAS       4508451Z FP       -1696894.018   126986380.2
NYESA VALORES CO   BES SM              -214694075   627801852.2
NYESA VALORES CO   BES EU              -214694075   627801852.2
NYESA VALORES CO   NYE EU              -214694075   627801852.2
NYESA VALORES CO   NYE TQ              -214694075   627801852.2
NYESA VALORES CO   7NY GR              -214694075   627801852.2
NYESA VALORES CO   NYE SM              -214694075   627801852.2
NYESA VALORES CO   NYE EO              -214694075   627801852.2
NYESA VALORES CO   BES EO              -214694075   627801852.2
NYESA VALORES CO   BES TQ              -214694075   627801852.2
NYESA VALORES CO   BESS PZ             -214694075   627801852.2
O'KANE & DEVINE    3803556Z LN       -4358107.011   464658271.9
O-I MANUFACTURIN   1320610Z LN       -30670292.37   112801207.1
OAO MECHEL         SGML* RU            -221372976   11383539712
OAO MECHEL         SGML RU             -221372976   11383539712
OBTEC              OBTEC DC          -11519017.57   141247923.9
OBTEC              OBT DC            -11519017.57   141247923.9
OBTEC-NEW SHARES   OBTECN DC         -11519017.57   141247923.9
OBTEC-OLD          OBTN DC           -11519017.57   141247923.9
ODEON & UCI CINE   3489372Z LN       -154729256.4    1093971473
ODESSA OIL REFIN   ONPZ UZ           -421646489.4   125957890.9
OESIA NETWORKS S   4369433Z SM       -23680696.85   179103096.4
OKI EUROPE LTD     3912252Z LN       -391269747.1   204284621.3
OLCESE SPA         O IM              -12846689.89   179691572.8
OLCESE SPA-RTS     OAA IM            -12846689.89   179691572.8
OLCESE VENEZIANO   OLVE IM           -12846689.89   179691572.8
OLTCHIM RM VALCE   OLTCF US          -750833972.5   397742354.3
OLTCHIM SA RM VA   OLT RO            -750833972.5   397742354.3
OLTCHIM SA RM VA   OLTEUR EO         -750833972.5   397742354.3
OLTCHIM SA RM VA   OLT PZ            -750833972.5   397742354.3
OLTCHIM SA RM VA   OLT EU            -750833972.5   397742354.3
OLTCHIM SA RM VA   OLTF L3           -750833972.5   397742354.3
OLTCHIM SA RM VA   OLTF B3           -750833972.5   397742354.3
OLTCHIM SA RM VA   OLT EO            -750833972.5   397742354.3
OLTCHIM SA RM VA   OLTF S2           -750833972.5   397742354.3
OLTCHIM SA RM VA   OLTEUR EU         -750833972.5   397742354.3
OMRON EUROPE BV/   4489339Z NA       -360581.2603   627156346.6
ONNECT GROUP-RTS   CNCNGBX EU        -69818642.47   499012577.7
ONNECT GROUP-RTS   CNCNGBX EO        -69818642.47   499012577.7
ONNECT GROUP-RTS   CNCN LN           -69818642.47   499012577.7
OPTIMUM CARE LTD   3951796Z LN       -33380376.38   106846682.7
ORACLE FRANCE SA   4525191Z FP       -21054449.83   742726569.4
ORANGE LTD         951641Q LN        -593935104.1    2902299502
ORANGE PLC         ORNGF US          -593935104.1    2902299502
ORANGE PLC         1460Q GR          -593935104.1    2902299502
ORANGE PLC-ADR     ORNGY US          -593935104.1    2902299502
ORANGE PLC-ADR     ORA$ LN           -593935104.1    2902299502
ORANGE PLC-ADR     0212530D GR       -593935104.1    2902299502
ORBIS PLC          OBS PZ              -4168493.8   127701679.5
ORBIS PLC          RLP GR              -4168493.8   127701679.5
ORBIS PLC          ORBSF US            -4168493.8   127701679.5
ORBIS PLC          OBS LN              -4168493.8   127701679.5
ORBIS PLC          OBS IX              -4168493.8   127701679.5
ORBIS PLC          OBG PO              -4168493.8   127701679.5
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OROSDI             OROS FP           -51388258.12   181261665.1
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OROSDI             OROS EB           -51388258.12   181261665.1
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OROSDI             OROS PZ           -51388258.12   181261665.1
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OROSDI-BACK        BACK IX           -51388258.12   181261665.1
OROSDI-RTS         ORODS FP          -51388258.12   181261665.1
OUTDOOR GROUP LT   1318338Z LN       -31904183.63   118196315.8
OXEA SARL          3682535Z LX       -24721940.15   956415604.2
OXEA SARL          3682535Z GR       -24721940.15   956415604.2
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PARAGON MORTGAGE   2002551Z LN       -750891.1819   737656750.8
PARK FOOD GROUP    PKFD LN           -16392542.92     317271192
PARK GROUP PLC     PKG LN            -16392542.92     317271192
PARK GROUP PLC     PKGL B3           -16392542.92     317271192
PARK GROUP PLC     PKG PZ            -16392542.92     317271192
PARK GROUP PLC     PKG VX            -16392542.92     317271192
PARK GROUP PLC     PKG PO            -16392542.92     317271192
PARK GROUP PLC     PKG EU            -16392542.92     317271192
PARK GROUP PLC     PRKG IX           -16392542.92     317271192
PARK GROUP PLC     PRKGF US          -16392542.92     317271192
PARK GROUP PLC     PKGGBP EO         -16392542.92     317271192
PARK GROUP PLC     PKGL L3           -16392542.92     317271192
PARK GROUP PLC     PKGL S2           -16392542.92     317271192
PARK GROUP PLC     PKG EO            -16392542.92     317271192
PARMALAT FINA-RT   PRFR AV           -18420075679    4120839723
PARMALAT FINANZI   PARAF US          -18420075679    4120839723
PARMALAT FINANZI   FICN AV           -18420075679    4120839723
PARMALAT FINANZI   PRF IM            -18420075679    4120839723
PARMALAT FINANZI   PMT LI            -18420075679    4120839723
PARMALAT FINANZI   PMLFF US          -18420075679    4120839723
PARMALAT FINANZI   PAF GR            -18420075679    4120839723
PARMALAT FINANZI   1085755D IM       -18420075679    4120839723
PARMALAT FINANZI   PRFI VX           -18420075679    4120839723
PARQUES REUN-RTS   PQR/D SM          -36793493.63    2314365176
PARQUES REUNIDOS   PQR GR            -36793493.63    2314365176
PARQUES REUNIDOS   PQR SM            -36793493.63    2314365176
PATIENTLINE PLC    2928903Q EU       -54678675.23   124951423.6
PATIENTLINE PLC    PTL PZ            -54678675.23   124951423.6
PATIENTLINE PLC    PTL IX            -54678675.23   124951423.6
PATIENTLINE PLC    2928907Q EO       -54678675.23   124951423.6
PATIENTLINE PLC    2928899Q EO       -54678675.23   124951423.6
PATIENTLINE PLC    PTL PO            -54678675.23   124951423.6
PATIENTLINE PLC    PTL VX            -54678675.23   124951423.6
PATIENTLINE PLC    PTL LN            -54678675.23   124951423.6
PAYZONE PLC        PAYZ EO           -138034037.7     510021617
PAYZONE PLC        PAYZ PG           -138034037.7     510021617
PAYZONE PLC        PAYZ IX           -138034037.7     510021617
PAYZONE PLC        PAYZ EU           -138034037.7     510021617
PAYZONE PLC        4P6 GR            -138034037.7     510021617
PAYZONE PLC        PAYZ LN           -138034037.7     510021617
PAYZONE PLC        PAYZ PZ           -138034037.7     510021617
PBG                PBGW B3           -227616629.7   658773629.9
PBG                PBG PW            -227616629.7   658773629.9
PBG                PBGW L3           -227616629.7   658773629.9
PBG                PBG1EUR EO        -227616629.7   658773629.9
PBG                PBG1 EU           -227616629.7   658773629.9
PBG                PBG PZ            -227616629.7   658773629.9
PBG                PBGW S2           -227616629.7   658773629.9
PBG                PBG1EUR EU        -227616629.7   658773629.9
PBG                PBG LI            -227616629.7   658773629.9
PBG                PBG1 EO           -227616629.7   658773629.9
PBG                PBG1USD EO        -227616629.7   658773629.9
PBG                PBGZF US          -227616629.7   658773629.9
PBG                PBG1USD EU        -227616629.7   658773629.9
PBG S.A.           887076Q PW        -227616629.7   658773629.9
PBG SA             PBGG IX           -227616629.7   658773629.9
PBG SA - ADR       PBGZY US          -227616629.7   658773629.9
PBG SA - CERT A    899644Z PW        -227616629.7   658773629.9
PBG SA -CERT A     PBGA PW           -227616629.7   658773629.9
PBG SA-A           0122073D PW       -227616629.7   658773629.9
PBG SA-ALLOT CE    903059Q PW        -227616629.7   658773629.9
PBG SA-ALLOT CER   685728Q PW        -227616629.7   658773629.9
PBG SA-RTS         PBGP PW           -227616629.7   658773629.9
PD PORT SERVICES   1407442Z LN       -97346785.71   148595363.3
PD PORTCO LTD      3233785Z LN         -286512126    1076498649
PEGASUS PUB-RTS    PEGASR GA         -97784972.57   143402304.5
PEGASUS PUBLISHI   PEGAS GA          -97784972.57   143402304.5
PEGASUS PUBLISHI   JE5 GR            -97784972.57   143402304.5
PEGASUS PUBLISHI   PEGA1 EU          -97784972.57   143402304.5
PEGASUS PUBLISHI   PEGASY L3         -97784972.57   143402304.5
PEGASUS PUBLISHI   PEGA1 EO          -97784972.57   143402304.5
PEGASUS PUBLISHI   PGPBF US          -97784972.57   143402304.5
PEGASUS PUBLISHI   PEGASY S2         -97784972.57   143402304.5
PEGASUS PUBLISHI   PEGASY B3         -97784972.57   143402304.5
PEGASUS PUBLISHI   PEGAS PZ          -97784972.57   143402304.5
PEGUFORM IBERICA   4512107Z SM       -25951900.55   189870518.2
PENOPLEX-FINANS    PNPF RU           -776342.4125     143683074
PERSTORP HOLDING   3464123Z SS       -134615381.3    1819743529
PESCANOVA          PNV GR             -1962474395    3604665666
PESCANOVA          PVA TQ             -1962474395    3604665666
PESCANOVA          PVA S1             -1962474395    3604665666
PESCANOVA          PVA EU             -1962474395    3604665666
PESCANOVA          PVA EO             -1962474395    3604665666
PESCANOVA          PVA EB             -1962474395    3604665666
PESCANOVA          PVA IX             -1962474395    3604665666
PESCANOVA          PVA SM             -1962474395    3604665666
PESCANOVA          PVA PZ             -1962474395    3604665666
PESCANOVA          PVA QM             -1962474395    3604665666
PESCANOVA          PVA NR             -1962474395    3604665666
PESCANOVA          PNVAF US           -1962474395    3604665666
PESCANOVA SA       PCV/P SM           -1962474395    3604665666
PESCANOVA SA       PVAE S2            -1962474395    3604665666
PESCANOVA SA       PVAE B3            -1962474395    3604665666
PESCANOVA SA       0572074D SM        -1962474395    3604665666
PESCANOVA SA       PVAE L3            -1962474395    3604665666
PESCANOVA SA-RTS   3414736Q SM        -1962474395    3604665666
PESCANOVA SA-RTS   0561516D SM        -1962474395    3604665666
PESCANOVA SA-RTS   PVA/D SM           -1962474395    3604665666
PESCANOVA-OLD RT   1004Q SM           -1962474395    3604665666
PETRO GEO-SERV     265143Q NO        -18066142.02   399710319.4
PETRO GEO-SERV     PGS VX            -18066142.02   399710319.4
PETRO GEO-SERV     PGS GR            -18066142.02   399710319.4
PETRO GEO-SERV-N   PGSN NO           -18066142.02   399710319.4
PETRO GEO-SV-ADR   PGSA GR           -18066142.02   399710319.4
PETRO GEO-SV-ADR   PGOGY US          -18066142.02   399710319.4
PETROJACK AS       JACK EU              -54932000     191586000
PETROJACK AS       JACK PZ              -54932000     191586000
PETROJACK AS       JACK BY              -54932000     191586000
PETROJACK AS       JACKEUR EU           -54932000     191586000
PETROJACK AS       P3J GR               -54932000     191586000
PETROJACK AS       JACKEUR EO           -54932000     191586000
PETROJACK AS       JACO IX              -54932000     191586000
PETROJACK AS       POJKF US             -54932000     191586000
PETROJACK AS       JACK NO              -54932000     191586000
PETROJACK AS       JACK EO              -54932000     191586000
PETROMARINE SA     3652071Z FP       -23734181.65   320658299.5
PETZET - PFD-RTS   PETZPD GA         -110809481.9   206423169.8
PETZETAKIS - RTS   PETZKD GA         -110809481.9   206423169.8
PETZETAKIS-AUC     PETZKE GA         -110809481.9   206423169.8
PETZETAKIS-PFD     PETZP GA          -110809481.9   206423169.8
PETZETAKIS-PFD     PTZ3 GR           -110809481.9   206423169.8
PEUGEOT CITROEN    3652807Z FP        -4551892651   19003426706
PEUGEOT CITROEN    1974702Z LN       -79437283.13   750487827.5
PEUGEOT CITROEN    3637183Z FP       -387705605.4   308658679.1
PHILIPS GMBH       2645Z GR            -967234526    2127723302
PHS GROUP HOLDIN   3173182Z LN       -451952499.8    1982894328
PLACES FOR PEOPL   1914158Z LN       -89782697.51   596233572.7
PLANES E INVERSI   3795524Z SM       -167827051.7   107554336.1
PLANNED MAINTENA   1344714Z LN       -171366986.8   101450183.9
PLANTASJEN NORGE   4398073Z NO       -940365.3882   110815351.7
POST OFFICE LTD    1542650Z LN       -196775599.5    1694809196
POSTNL NV          PNL2GBP EO        -713900022.5    2997170017
POSTNL NV          PNLA B3           -713900022.5    2997170017
POSTNL NV          TNTFFN L3         -713900022.5    2997170017
POSTNL NV          PNL2USD EO        -713900022.5    2997170017
POSTNL NV          PNL1 S1           -713900022.5    2997170017
POSTNL NV          PNL2CHF EO        -713900022.5    2997170017
POSTNL NV          PNLA S2           -713900022.5    2997170017
POSTNL NV          PNL BQ            -713900022.5    2997170017
POSTNL NV          PNL QM            -713900022.5    2997170017
POSTNL NV          PNLA L3           -713900022.5    2997170017
POSTNL NV          PNL2PLN EU        -713900022.5    2997170017
POSTNL NV          PNL MT            -713900022.5    2997170017
POSTNL NV          PNL QX            -713900022.5    2997170017
POSTNL NV          PNL2PLN EO        -713900022.5    2997170017
POSTNL NV          PNL2NOK EO        -713900022.5    2997170017
POSTNL NV          PNL GK            -713900022.5    2997170017
POSTNL NV          PNL2USD EU        -713900022.5    2997170017
POSTNL NV          PNL1 IX           -713900022.5    2997170017
POSTNL NV          PNL2CHF EU        -713900022.5    2997170017
POSTNL NV          TNTFF US          -713900022.5    2997170017
POSTNL NV          PNL TQ            -713900022.5    2997170017
POSTNL NV          PNL2 EO           -713900022.5    2997170017
POSTNL NV          TNTC TH           -713900022.5    2997170017
POSTNL NV          PNL2GBX EO        -713900022.5    2997170017
POSTNL NV          TNTC GR           -713900022.5    2997170017
POSTNL NV          PNL NA            -713900022.5    2997170017
POSTNL NV          TNT LI            -713900022.5    2997170017
POSTNL NV          TNTFFN B3         -713900022.5    2997170017
POSTNL NV          PNL2NOK EU        -713900022.5    2997170017
POSTNL NV          PNL2GBX EU        -713900022.5    2997170017
POSTNL NV          TNTC QT           -713900022.5    2997170017
POSTNL NV          TNT PZ            -713900022.5    2997170017
POSTNL NV          PNL2AUD EU        -713900022.5    2997170017
POSTNL NV          PNL EB            -713900022.5    2997170017
POSTNL NV          PNL2 EU           -713900022.5    2997170017
POSTNL NV          PNL SW            -713900022.5    2997170017
POSTNL NV          PNL2AUD EO        -713900022.5    2997170017
POSTNL NV-ADR      PNLYY US          -713900022.5    2997170017
POSTNL NV-ADR      TNTTY US          -713900022.5    2997170017
POWER LEISURE BO   1855610Z LN       -68610434.68   204457598.3
POWERCORP INTERN   4449033Z LN       -9367275.229   129789167.8
PPG METRO 500 LT   2224564Z LN       -15545472.43   116336000.6
PRAMAC SPA         PRA2 EU           -87225984.26   314937083.3
PRAMAC SPA         PRAM IX           -87225984.26   314937083.3
PRAMAC SPA         PRA IM            -87225984.26   314937083.3
PRAMAC SPA         PRA2 EO           -87225984.26   314937083.3
PRAMAC SPA         6PA GR            -87225984.26   314937083.3
PRAMAC SPA         PRAM PZ           -87225984.26   314937083.3
PREMIER PROPERTY   4006740Z LN       -383762892.9   196967668.2
PRESTBURY HOTELS   397501Z LN        -140719863.3   732561072.1
PRESTBURY WENTWO   3814856Z LN       -113574624.2     682578779
PRIMETEL PLC       PTLY B3            -2050531.93   101722361.3
PRIMETEL PLC       PTL EU             -2050531.93   101722361.3
PRIMETEL PLC       PTLY S2            -2050531.93   101722361.3
PRIMETEL PLC       PTL CY             -2050531.93   101722361.3
PRIMETEL PLC       PTL EO             -2050531.93   101722361.3
PRIMETEL PLC       PTLY L3            -2050531.93   101722361.3
PRISA              PRS NR            -780193119.9    6162139632
PRISA              PRS2 VX           -780193119.9    6162139632
PRISA              0557149D LN       -780193119.9    6162139632
PRISA - A          PRSUSD EO         -780193119.9    6162139632
PRISA - A          PRS2 IX           -780193119.9    6162139632
PRISA - A          PRS1 EB           -780193119.9    6162139632
PRISA - A          PRS1 S1           -780193119.9    6162139632
PRISA - A          PRS SM            -780193119.9    6162139632
PRISA - A          PRSS PZ           -780193119.9    6162139632
PRISA - A          PZ4 GR            -780193119.9    6162139632
PRISA - A          PRSGBX EU         -780193119.9    6162139632
PRISA - A          PRSGBP EO         -780193119.9    6162139632
PRISA - A          GPOPF US          -780193119.9    6162139632
PRISA - A          PRSUSD EU         -780193119.9    6162139632
PRISA - A          PRS TQ            -780193119.9    6162139632
PRISA - A          PRSE L3           -780193119.9    6162139632
PRISA - A          PRS EO            -780193119.9    6162139632
PRISA - A          PRSE S1           -780193119.9    6162139632
PRISA - A          PRSE B3           -780193119.9    6162139632
PRISA - A          PRSE S2           -780193119.9    6162139632
PRISA - A          PRS EU            -780193119.9    6162139632
PRISA - A          PRSGBX EO         -780193119.9    6162139632
PRISA - B          PRS/P SM          -780193119.9    6162139632
PRISA - B          PRSP EB           -780193119.9    6162139632
PRISA - B          PRSP IX           -780193119.9    6162139632
PRISA - B          PRS/P EO          -780193119.9    6162139632
PRISA - B          PRS/P TQ          -780193119.9    6162139632
PRISA A-ADR        PRISY US          -780193119.9    6162139632
PRISA A-ADR        PRIS US           -780193119.9    6162139632
PRISA B-ADR        PRIS/B US         -780193119.9    6162139632
PRISA B-RTS        PRS/EEUR EU       -780193119.9    6162139632
PRISA B-RTS        PRS/EEUR EO       -780193119.9    6162139632
PRISA B-RTS        PRS/E SM          -780193119.9    6162139632
PRISA-A RTS        PRSD TQ           -780193119.9    6162139632
PRISA-A RTS        PRS/DEUR EU       -780193119.9    6162139632
PRISA-A RTS        PRS/DEUR EO       -780193119.9    6162139632
PRISA-A RTS        PRS/D SM          -780193119.9    6162139632
PRISA-UNSP ADR     GPOPY US          -780193119.9    6162139632
PRITCHARD GROUP    3805716Z LN       -40198600.41   187982923.5
PROCTER & GAMBLE   4525303Z FP       -65885750.72   335937615.8
PRODRIVE HOLDING   3776836Z NA       -286440.2865   111639311.2
PROMOTORA DE INF   0852003D SM       -780193119.9    6162139632
PROMOTORA DE INF   1003328D SM       -780193119.9    6162139632
PROMOTORA DE-ADR   PRIS-W US         -780193119.9    6162139632
PROMOTORA DE-ADR   PRIS/B-W US       -780193119.9    6162139632
PROMOTORA DE-ADR   PTRSV US          -780193119.9    6162139632
PROMOTORA DE-NEW   0096859D SM       -780193119.9    6162139632
PROMTRACTOR-FINA   PTRF RU           -57517044.18     208661031
PROSTRAKAN GROUP   PKNGF US          -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK VX            -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK PO            -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK PZ            -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK IX            -9666420.197   134082602.7
PROSTRAKAN GROUP   PSKEUR EU         -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK EU            -9666420.197   134082602.7
PROSTRAKAN GROUP   PSKEUR EO         -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK S1            -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK LN            -9666420.197   134082602.7
PROSTRAKAN GROUP   PSKGBP EO         -9666420.197   134082602.7
PROSTRAKAN GROUP   PSK EO            -9666420.197   134082602.7
PULLMANTUR SA      301590Z SM        -120068945.6   200674891.5
Q-PARK LTD         1471762Z LN        -34604975.8   162938616.9
QMH LTD            QMOT LN           -39143219.67   831590393.1
QPR HOLDINGS LTD   LFT LN            -193935862.6   120047585.7
QUANTUM PHARMACE   QPL B3            -6377862.543   123809536.5
QUANTUM PHARMACE   QPL L3            -6377862.543   123809536.5
QUANTUM PHARMACE   0265252D LN       -6377862.543   123809536.5
QUANTUM PHARMACE   QP/GBX EO         -6377862.543   123809536.5
QUANTUM PHARMACE   QP/EUR EO         -6377862.543   123809536.5
QUANTUM PHARMACE   QP/EUR EU         -6377862.543   123809536.5
QUANTUM PHARMACE   QP/ LN            -6377862.543   123809536.5
QUANTUM PHARMACE   0QT GR            -6377862.543   123809536.5
QUANTUM PHARMACE   QP/GBX EU         -6377862.543   123809536.5
QUEENS MOAT HSES   QMTHF US          -39143219.67   831590393.1
QUINN BUILDING P   3949900Z LN       -51051442.15   243405907.6
QUINN GROUP LTD    166771Z ID        -228834929.2    2504377123
R&R ICE CREAM LT   3624280Z LN       -251926110.3    1642215376
RADIO E TELEVISA   1227Z PL          -109978276.6   477215725.6
RADIO KORASS-RTS   KORAR GA          -100972173.9   244951680.3
RADIO KORASSI-RT   KORAD GA          -100972173.9   244951680.3
RADIO KORASSIDIS   RAKOF US          -100972173.9   244951680.3
RADIO KORASSIDIS   RKC GR            -100972173.9   244951680.3
RADIO KORASSIDIS   KORAEUR EU        -100972173.9   244951680.3
RADIO KORASSIDIS   KORA GA           -100972173.9   244951680.3
RADIO KORASSIDIS   KORAEUR EO        -100972173.9   244951680.3
RAG ABWICKL-REG    RSTHF US          -1744186.284   217783877.8
RAG ABWICKL-REG    ROS GR            -1744186.284   217783877.8
RAG ABWICKL-REG    ROSG PZ           -1744186.284   217783877.8
RAG ABWICKL-REG    ROS1 EU           -1744186.284   217783877.8
RAG ABWICKL-REG    ROS S1            -1744186.284   217783877.8
RAG ABWICKL-REG    ROS1 EO           -1744186.284   217783877.8
RAMBO A LTD        4501843Z LN        -2076739509   891693401.1
RANDSTAD EMPLOYM   1585810Z LN       -33905632.17   105871649.3
RBS MEZZANINE LT   2198564Z LN       -111641535.2   344709233.7
RDB SPA            RDBI IX           -143727976.4   142633893.2
RDB SPA            RDB IM            -143727976.4   142633893.2
RDB SPA            RDB TQ            -143727976.4   142633893.2
RDB SPA            AZN GR            -143727976.4   142633893.2
RDB SPA            RDB PZ            -143727976.4   142633893.2
RDB SPA            RDB BQ            -143727976.4   142633893.2
RDB SPA            RDB EO            -143727976.4   142633893.2
RDB SPA            RDB EU            -143727976.4   142633893.2
REAL ESTATE OP-O   REO EU             -1109587250    1668412128
REAL ESTATE OP-O   REOGBP EO          -1109587250    1668412128
REAL ESTATE OP-O   REO LN             -1109587250    1668412128
REAL ESTATE OP-O   REO EO             -1109587250    1668412128
REAL ESTATE OP-O   REO VX             -1109587250    1668412128
REAL ESTATE OP-O   REO ID             -1109587250    1668412128
REAL ESTATE OP-O   REO PZ             -1109587250    1668412128
REAL ESTATE OP-O   REO IX             -1109587250    1668412128
REAL ESTATE OP-O   REA GR             -1109587250    1668412128
REAL ZARAGOZA SA   4285533Z SM       -5133826.629   154809006.4
REDE FERROVIARIA   1250Z PL           -2728365683    7426061504
REGARD HOLDINGS    4157517Z LN        -9685751.94   141817579.3
REGUS LTD          273187Q LN        -46111832.15     367181111
REGUS PLC          2296Z LN          -46111832.15     367181111
REGUS PLC          273195Q VX        -46111832.15     367181111
REGUS PLC          REGSF US          -46111832.15     367181111
REGUS PLC          RGU GR            -46111832.15     367181111
REGUS PLC-ADS      REGSV US          -46111832.15     367181111
REGUS PLC-ADS      RGUA GR           -46111832.15     367181111
REGUS PLC-ADS      REGS US           -46111832.15     367181111
REGUS PLC-ADS      REGSY US          -46111832.15     367181111
REPSOL POLIMEROS   3637351Z PL       -295866414.2   385214857.4
RETAIL GROUP       RTGR UZ           -23003278.31   253608504.1
REXAM BEVERAGE C   1120903Z LN       -22213349.38   126325689.5
REYAL URBIS SA     REY EB             -3738797123    1628405893
REYAL URBIS SA     REYU PZ            -3738797123    1628405893
REYAL URBIS SA     REY S1             -3738797123    1628405893
REYAL URBIS SA     REY1 EO            -3738797123    1628405893
REYAL URBIS SA     REY1 IX            -3738797123    1628405893
REYAL URBIS SA     REY1 EU            -3738797123    1628405893
REYAL URBIS SA     REY SM             -3738797123    1628405893
REYAL URBIS SA     REY1 TQ            -3738797123    1628405893
RHODIA SA          RHA FP            -72549998.76    7951479864
RHODIA SA          RHA TQ            -72549998.76    7951479864
RHODIA SA          RHA VX            -72549998.76    7951479864
RHODIA SA          RHD GR            -72549998.76    7951479864
RHODIA SA          RHANR PZ          -72549998.76    7951479864
RHODIA SA          RHA EB            -72549998.76    7951479864
RHODIA SA          3218857Q IX       -72549998.76    7951479864
RHODIA SA          RHA EO            -72549998.76    7951479864
RHODIA SA          RHA QM            -72549998.76    7951479864
RHODIA SA          RHA S1            -72549998.76    7951479864
RHODIA SA          RHAGBP EO         -72549998.76    7951479864
RHODIA SA          RHA PZ            -72549998.76    7951479864
RHODIA SA          RHA EU            -72549998.76    7951479864
RHODIA SA          RHA BQ            -72549998.76    7951479864
RHODIA SA          RHAY IX           -72549998.76    7951479864
RHODIA SA          RHADF US          -72549998.76    7951479864
RHODIA SA          RHDAF US          -72549998.76    7951479864
RHODIA SA          RHAGBX EO         -72549998.76    7951479864
RHODIA SA          RHA NQ            -72549998.76    7951479864
RHODIA SA          2324011Q EU       -72549998.76    7951479864
RHODIA SA          RHAGBX EU         -72549998.76    7951479864
RHODIA SA          RHAUSD EO         -72549998.76    7951479864
RHODIA SA          2324015Q EO       -72549998.76    7951479864
RHODIA SA          RHDI GR           -72549998.76    7951479864
RHODIA SA          RHAUSD EU         -72549998.76    7951479864
RHODIA SA          RHA GK            -72549998.76    7951479864
RHODIA SA          RHA IX            -72549998.76    7951479864
RHODIA SA          RHDI TH           -72549998.76    7951479864
RHODIA SA - NEW    3506266Q FP       -72549998.76    7951479864
RHODIA SA - NEW    8125782Q FP       -72549998.76    7951479864
RHODIA SA - NEW    2335921Q FP       -72549998.76    7951479864
RHODIA SA - NEW    3156011Q FP       -72549998.76    7951479864
RHODIA SA - NEW    RHANV FP          -72549998.76    7951479864
RHODIA SA-ADR      RHAYY US          -72549998.76    7951479864
RHODIA SA-NON RE   RHANR FP          -72549998.76    7951479864
RHODIA SA-RIGHTS   653447Q FP        -72549998.76    7951479864
RHODIA SA-RIGHTS   RHADS FP          -72549998.76    7951479864
RIOFISA            RFS PZ            -249543667.9   269548749.9
RIOFISA            RFSMF US          -249543667.9   269548749.9
RIOFISA            2306764Q EO       -249543667.9   269548749.9
RIOFISA            2306760Q EU       -249543667.9   269548749.9
RIOFISA SAU        RFS SM            -249543667.9   269548749.9
RITZ HOTEL LTD/T   1274338Z LN       -28035315.97   274954318.9
RIVNEAZOT          RAZT UZ           -144037013.2   625895879.8
ROAD MGMT CONS     1239Z LN          -24814.39972   315566259.7
ROBINS & DAY LTD   1280922Z LN       -6856667.394   134759440.1
ROCAMAT            ROCAP S2          -1664703.949   111569389.6
ROCAMAT            ROCA TQ           -1664703.949   111569389.6
ROCAMAT            ROCA EO           -1664703.949   111569389.6
ROCAMAT            R4C GR            -1664703.949   111569389.6
ROCAMAT            ROCAP L3          -1664703.949   111569389.6
ROCAMAT            ROCA FP           -1664703.949   111569389.6
ROCAMAT            ROCA PZ           -1664703.949   111569389.6
ROCAMAT            ROCA EU           -1664703.949   111569389.6
ROCAMAT            ROCA IX           -1664703.949   111569389.6
ROCAMAT            ROCA EB           -1664703.949   111569389.6
ROCAMAT            ROCA S1           -1664703.949   111569389.6
ROCAMAT            ROCAP B3          -1664703.949   111569389.6
ROCAMAT - RTS      ROCDS FP          -1664703.949   111569389.6
ROCAMAT-NEW        ROCN FP           -1664703.949   111569389.6
RONNECT GROU-ADR   SMWPY US          -69818642.47   499012577.7
ROSENTHAL AG       2644179Q GR       -1744186.284   217783877.8
ROSENTHAL AG-ACC   ROS4 GR           -1744186.284   217783877.8
ROSENTHAL AG-ADR   RSTHY US          -1744186.284   217783877.8
ROSENTHAL AG-REG   ROSG IX           -1744186.284   217783877.8
ROSYTH ROYAL DOC   2184524Z LN       -85968869.67     166294557
ROTTERDAM LEISUR   3822680Z NA       -121031.0998   120401466.1
RUSSIAN TEXT-CLS   ALRT* RU          -15214267.61     144581794
RUSSIAN TEXT-CLS   ALRTG RU          -15214267.61     144581794
S&T SYSTEM I-ADR   STSQY US          -38840367.34   182827447.9
S&T SYSTEM INTEG   SNTA PZ           -38840367.34   182827447.9
S&T SYSTEM INTEG   SNTS ES           -38840367.34   182827447.9
S&T SYSTEM INTEG   SYAG IX           -38840367.34   182827447.9
S&T SYSTEM INTEG   SNT EU            -38840367.34   182827447.9
S&T SYSTEM INTEG   SYA EX            -38840367.34   182827447.9
S&T SYSTEM INTEG   STSQF US          -38840367.34   182827447.9
S&T SYSTEM INTEG   0960262D GR       -38840367.34   182827447.9
S&T SYSTEM INTEG   SNT AV            -38840367.34   182827447.9
S&T SYSTEM INTEG   SLSYF US          -38840367.34   182827447.9
S&T SYSTEM INTEG   SNT EO            -38840367.34   182827447.9
S&T SYSTEM INTEG   SNTS IX           -38840367.34   182827447.9
SA DE SUPERMERCA   4373489Z SM       -24371663.66   162581700.7
SABENA SA          SABA BB           -85494497.66    2215341060
SAPPI EUROPE SA    3732894Z BB       -122111348.6   156331971.4
SAVA               SAVA EU           -25683460.81   345447770.3
SAVA               SAVA EO           -25683460.81   345447770.3
SAVA               SAVAT S2          -25683460.81   345447770.3
SAVA               SAVA SV           -25683460.81   345447770.3
SAVA               SAVAT L3          -25683460.81   345447770.3
SAVA               SAVAT B3          -25683460.81   345447770.3
SAVA               SAVA PZ           -25683460.81   345447770.3
SCANDINAVIAN BRA   SBS1 BY           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBSD PZ           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBSC B3           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBS1 EO           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBSC IX           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBS1EUR EO        -11519017.57   141247923.9
SCANDINAVIAN BRA   SBS1EUR EU        -11519017.57   141247923.9
SCANDINAVIAN BRA   SBSC EB           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBS1 EU           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBS DC            -11519017.57   141247923.9
SCANDINAVIAN BRA   SBSC S2           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBS1 TQ           -11519017.57   141247923.9
SCANDINAVIAN BRA   SBSC L3           -11519017.57   141247923.9
SCHWEIZ NATB-REG   SNBN SW            -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBN EU            -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBNZ S2           -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBN EB            -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBN IX            -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBNEUR EU         -4267161939      5.52E+11
SCHWEIZ NATB-REG   SWZNF US           -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBNZ L3           -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBNZ B3           -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBN EO            -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBNEUR EO         -4267161939      5.52E+11
SCHWEIZ NATB-REG   SNBN TQ            -4267161939      5.52E+11
SDR CENTREST       117241Q FP          -132420129   252176016.3
SDR PICARDIE       44428Q FP         -135351884.3   413398133.1
SEABIRD EXPLORAT   SBDXF US             -40921000     140986000
SEABIRD EXPLORAT   E36 GR               -40921000     140986000
SEABIRD EXPLORAT   SBX EU               -40921000     140986000
SEABIRD EXPLORAT   SBX NO               -40921000     140986000
SEABIRD EXPLORAT   SBX TQ               -40921000     140986000
SEABIRD EXPLORAT   SBX SS               -40921000     140986000
SEABIRD EXPLORAT   SBXGBX EO            -40921000     140986000
SEABIRD EXPLORAT   SBX BY               -40921000     140986000
SEABIRD EXPLORAT   SBDOF US             -40921000     140986000
SEABIRD EXPLORAT   SBXGBX EU            -40921000     140986000
SEABIRD EXPLORAT   SBX PZ               -40921000     140986000
SEABIRD EXPLORAT   S1D GR               -40921000     140986000
SEABIRD EXPLORAT   SBX IX               -40921000     140986000
SEABIRD EXPLORAT   SBXEUR EU            -40921000     140986000
SEABIRD EXPLORAT   E36D L3              -40921000     140986000
SEABIRD EXPLORAT   SBXO L3              -40921000     140986000
SEABIRD EXPLORAT   E36D B3              -40921000     140986000
SEABIRD EXPLORAT   SBXO S2              -40921000     140986000
SEABIRD EXPLORAT   SBXO B3              -40921000     140986000
SEABIRD EXPLORAT   SBXEUR EO            -40921000     140986000
SEABIRD EXPLORAT   E36D S2              -40921000     140986000
SEABIRD EXPLORAT   SBX EO               -40921000     140986000
SEABIRD-PREF       SBXP NO              -40921000     140986000
SEAFRANCE SA       1707464Z FP       -1015369.615   247030885.4
SEAT PAGINE        PG1 NQ             -1813769456   913050185.5
SEAT PAGINE        PG1USD EU          -1813769456   913050185.5
SEAT PAGINE        PGM S2             -1813769456   913050185.5
SEAT PAGINE        PG1USD EO          -1813769456   913050185.5
SEAT PAGINE        PG1 QM             -1813769456   913050185.5
SEAT PAGINE        PG1GBP EO          -1813769456   913050185.5
SEAT PAGINE        SPGMF US           -1813769456   913050185.5
SEAT PAGINE        PGM S1             -1813769456   913050185.5
SEAT PAGINE        PG1 TQ             -1813769456   913050185.5
SEAT PAGINE        PG BQ              -1813769456   913050185.5
SEAT PAGINE        SP7A GR            -1813769456   913050185.5
SEAT PAGINE        PGM B3             -1813769456   913050185.5
SEAT PAGINE        PG VX              -1813769456   913050185.5
SEAT PAGINE        SP7B GR            -1813769456   913050185.5
SEAT PAGINE        PG1 EO             -1813769456   913050185.5
SEAT PAGINE        PG1 NR             -1813769456   913050185.5
SEAT PAGINE        PG1 EB             -1813769456   913050185.5
SEAT PAGINE        SP7 GR             -1813769456   913050185.5
SEAT PAGINE        PGM BQ             -1813769456   913050185.5
SEAT PAGINE        PG S1              -1813769456   913050185.5
SEAT PAGINE        PGI1 IX            -1813769456   913050185.5
SEAT PAGINE        283147Q IM         -1813769456   913050185.5
SEAT PAGINE        PGM TQ             -1813769456   913050185.5
SEAT PAGINE        PG1GBX EO          -1813769456   913050185.5
SEAT PAGINE        SEEA LN            -1813769456   913050185.5
SEAT PAGINE        PG1 EU             -1813769456   913050185.5
SEAT PAGINE        PG IM              -1813769456   913050185.5
SEAT PAGINE        PG PZ              -1813769456   913050185.5
SEAT PAGINE        PGM L3             -1813769456   913050185.5
SEAT PAGINE-ADR    SPGMY US           -1813769456   913050185.5
SEAT PAGINE-RSP    SPGBF US           -1813769456   913050185.5
SEAT PAGINE-RSP    PGR EO             -1813769456   913050185.5
SEAT PAGINE-RSP    0746311D PZ        -1813769456   913050185.5
SEAT PAGINE-RSP    PGR IM             -1813769456   913050185.5
SEAT PAGINE-RSP    PGRM S2            -1813769456   913050185.5
SEAT PAGINE-RSP    PGRM L3            -1813769456   913050185.5
SEAT PAGINE-RSP    PGR EU             -1813769456   913050185.5
SEAT PAGINE-RSP    PGRM B3            -1813769456   913050185.5
SEAT PAGINE-RSP    PGR TQ             -1813769456   913050185.5
SEAT PAGINE-RSP    PGR IX             -1813769456   913050185.5
SEAT PAGINE-RSP    PGRM TQ            -1813769456   913050185.5
SEAT-PAGINE GIAL   SPG FP            -26146890.82   390114892.6
SEAT-PAGINE GIAL   PGAP GR           -26146890.82   390114892.6
SEAT-PAGINE GIAL   SPG IM            -26146890.82   390114892.6
SEAT-PAGINE GIAL   SGLSF US          -26146890.82   390114892.6
SEAT-PAGINE-RNC    SPGR IM           -26146890.82   390114892.6
SEATPG AXA         PGAXA IM           -1813769456   913050185.5
SECURE INCOME RE   0991780D LN       -182956902.1    2427346370
SECURE INCOME RE   SIRL B3           -182956902.1    2427346370
SECURE INCOME RE   SIRGBX EO         -182956902.1    2427346370
SECURE INCOME RE   SIR LN            -182956902.1    2427346370
SECURE INCOME RE   SIRGBX EU         -182956902.1    2427346370
SECURE INCOME RE   SIRL S2           -182956902.1    2427346370
SECURE INCOME RE   SIRL L3           -182956902.1    2427346370
SEDA DE BARCEL     SED EU            -739717245.2   686984724.9
SEDA DE BARCEL     SEDGBX EU         -739717245.2   686984724.9
SEDA DE BARCEL     SED S1            -739717245.2   686984724.9
SEDA DE BARCEL     SED EB            -739717245.2   686984724.9
SEDA DE BARCEL     SED EO            -739717245.2   686984724.9
SEDA DE BARCEL     SED TQ            -739717245.2   686984724.9
SEDA DE BARCEL     SEDGBP EO         -739717245.2   686984724.9
SEDA DE BARCEL     SDY1 GR           -739717245.2   686984724.9
SEDA DE BARCEL     SEDGBX EO         -739717245.2   686984724.9
SEDA DE BARCEL     SED SM            -739717245.2   686984724.9
SEDA DE BARCEL     SED IX            -739717245.2   686984724.9
SEDA DE BARCEL-A   SDB SM            -739717245.2   686984724.9
SEDA DE BARCEL-B   SDY GR            -739717245.2   686984724.9
SEDA DE BARCEL-B   LSDBF US          -739717245.2   686984724.9
SEDA DE BARCEL-B   SED NR            -739717245.2   686984724.9
SEDA DE BARCEL-B   SEDS PZ           -739717245.2   686984724.9
SEDA DE BARCEL-B   0882460D TQ       -739717245.2   686984724.9
SEGECE SCS         4518143Z FP       -14208162.69   209083011.9
SELONDA AQU-AUCT   SELOE GA           -62852188.8   246251293.9
SELONDA AQUACULT   SELOY L3           -62852188.8   246251293.9
SELONDA AQUACULT   SELO PZ            -62852188.8   246251293.9
SELONDA AQUACULT   SELOY S2           -62852188.8   246251293.9
SELONDA AQUACULT   SELO EO            -62852188.8   246251293.9
SELONDA AQUACULT   SELO EU            -62852188.8   246251293.9
SELONDA AQUACULT   SELOY B3           -62852188.8   246251293.9
SELONDA AQUACULT   SELO GA            -62852188.8   246251293.9
SELONDA FISHERIE   SELOR GA           -62852188.8   246251293.9
SERCO GROUP        SRP5 EO             -103146219    3465058407
SERCO GROUP        SRP S1              -103146219    3465058407
SERCO GROUP        SEO GK              -103146219    3465058407
SERCO GROUP        SRPL L3             -103146219    3465058407
SERCO GROUP        SRP BQ              -103146219    3465058407
SERCO GROUP        SRP PZ              -103146219    3465058407
SERCO GROUP        SRP1 EO             -103146219    3465058407
SERCO GROUP        SRP IX              -103146219    3465058407
SERCO GROUP        SEO GR              -103146219    3465058407
SERCO GROUP        SRP NQ              -103146219    3465058407
SERCO GROUP        SECCFN L3           -103146219    3465058407
SERCO GROUP        SECCF US            -103146219    3465058407
SERCO GROUP        SRPPEN EU           -103146219    3465058407
SERCO GROUP        SRPPEN EO           -103146219    3465058407
SERCO GROUP        SECCFN B3           -103146219    3465058407
SERCO GROUP        SRP6 EO             -103146219    3465058407
SERCO GROUP        SRPUSD EU           -103146219    3465058407
SERCO GROUP        SRP VX              -103146219    3465058407
SERCO GROUP        SEOG IX             -103146219    3465058407
SERCO GROUP        SRPEUR EU           -103146219    3465058407
SERCO GROUP        SRP NR              -103146219    3465058407
SERCO GROUP        SRP QX              -103146219    3465058407
SERCO GROUP        SRP PO              -103146219    3465058407
SERCO GROUP        SRPL S2             -103146219    3465058407
SERCO GROUP        SRP4 EO             -103146219    3465058407
SERCO GROUP        SRP EB              -103146219    3465058407
SERCO GROUP        SRP3 EO             -103146219    3465058407
SERCO GROUP        SRP TQ              -103146219    3465058407
SERCO GROUP        SRP EU              -103146219    3465058407
SERCO GROUP        SRPUSD EO           -103146219    3465058407
SERCO GROUP        SRP2 EO             -103146219    3465058407
SERCO GROUP        SEO TH              -103146219    3465058407
SERCO GROUP        SRP10 EO            -103146219    3465058407
SERCO GROUP        SRP EO              -103146219    3465058407
SERCO GROUP        SRPCHF EU           -103146219    3465058407
SERCO GROUP        SRCPF US            -103146219    3465058407
SERCO GROUP        SRPL B3             -103146219    3465058407
SERCO GROUP        SRPCHF EO           -103146219    3465058407
SERCO GROUP        SRP LN              -103146219    3465058407
SERCO GROUP        SRP QM              -103146219    3465058407
SERCO GROUP        SRPGBP EO           -103146219    3465058407
SERCO GROUP        SEO QT              -103146219    3465058407
SERCO GROUP        SRP SW              -103146219    3465058407
SERCO GROUP        SRP8 EO             -103146219    3465058407
SERCO GROUP        SRP7 EO             -103146219    3465058407
SERCO GROUP        SRP9 EO             -103146219    3465058407
SERCO GROUP        SRPEUR EO           -103146219    3465058407
SERCO GROUP-ADR    SECCY US            -103146219    3465058407
SERCO GROUP-F RT   SRPF LN             -103146219    3465058407
SERCO GROUP-F RT   SRPFGBX EO          -103146219    3465058407
SERCO GROUP-F RT   SRPFGBX EU          -103146219    3465058407
SERCO GROUP-N RT   SRPNL L3            -103146219    3465058407
SERCO GROUP-N RT   SRPNL B3            -103146219    3465058407
SERCO GROUP-N RT   SRPNL S2            -103146219    3465058407
SERCO GROUP-N RT   SRPNGBX EO          -103146219    3465058407
SERCO GROUP-N RT   SRPN LN             -103146219    3465058407
SERCO GROUP-N RT   SEOA GR             -103146219    3465058407
SERCO GROUP-N RT   SRPNEUR EO          -103146219    3465058407
SERCO GROUP-N RT   SRPNEUR EU          -103146219    3465058407
SERCO GROUP-N RT   SRPNGBX EU          -103146219    3465058407
SERVICO DE SAUDE   3790200Z PL       -226815997.5   542214475.7
SETON HEALTHCARE   2290Z LN          -10585505.26   156827663.2
SETUZA AS          2994767Q EO       -61453559.45   138581811.9
SETUZA AS          SZA GR            -61453559.45   138581811.9
SETUZA AS          2994759Q EO       -61453559.45   138581811.9
SETUZA AS          SETUZA CP         -61453559.45   138581811.9
SETUZA AS          SETUZA PZ         -61453559.45   138581811.9
SETUZA AS          2994763Q EU       -61453559.45   138581811.9
SETUZA AS          SZA EX            -61453559.45   138581811.9
SETUZA AS          2994755Q EU       -61453559.45   138581811.9
SETUZA AS          SETU IX           -61453559.45   138581811.9
SEVERNAYA KAZNA    SVKB RU           -65841683.17   279147737.1
SEVERNAYA KAZNA    SVKB* RU          -65841683.17   279147737.1
SEVKABEL-FINANS    SVKF RU           -83036.45789   102680368.9
SFAKIANAKIS SA     SFA GA            -53476191.92   410827753.5
SFAKIANAKIS SA     SFAY B3           -53476191.92   410827753.5
SFAKIANAKIS SA     SFA EO            -53476191.92   410827753.5
SFAKIANAKIS SA     SFA EU            -53476191.92   410827753.5
SFAKIANAKIS SA     SFAG PZ           -53476191.92   410827753.5
SFAKIANAKIS SA     SFAY S2           -53476191.92   410827753.5
SFAKIANAKIS SA     SFAY L3           -53476191.92   410827753.5
SFAKIANAKIS-AUC    SFAE GA           -53476191.92   410827753.5
SFI GROUP PLC      SUF LN            -108070418.7   177652965.6
SFI GROUP PLC      SUYFF US          -108070418.7   177652965.6
SGAL-SOCIEDADE G   4473915Z PL       -282250118.1   388608981.2
SHELL ESPANA SA    4514247Z SM       -293761250.9   183588746.2
SHELMAN            SELMK PZ          -8106820.918   269503085.6
SHELMAN            SELMK EO          -8106820.918   269503085.6
SHELMAN            SWH GR            -8106820.918   269503085.6
SHELMAN            SELMK EU          -8106820.918   269503085.6
SHELMAN            SELMK GA          -8106820.918   269503085.6
SHELMAN            3001167Q GR       -8106820.918   269503085.6
SHELMAN -RTS       4466796Q GA       -8106820.918   269503085.6
SHELMAN HELLENIC   SELMKY B3         -8106820.918   269503085.6
SHELMAN HELLENIC   SELMKY S2         -8106820.918   269503085.6
SHELMAN HELLENIC   SELMKY L3         -8106820.918   269503085.6
SHELMAN-PFD        SWH3 GR           -8106820.918   269503085.6
SHELMAN-PFD        SELMP GA          -8106820.918   269503085.6
SHELMAN-RTS        SELMKR GA         -8106820.918   269503085.6
SIDMA SA           SIDMAY L3         -13944614.65   160288368.6
SIDMA SA           SIDMA EO          -13944614.65   160288368.6
SIDMA SA           SIDMA GA          -13944614.65   160288368.6
SIDMA SA           SIDMA PZ          -13944614.65   160288368.6
SIDMA SA           SIDMAY B3         -13944614.65   160288368.6
SIDMA SA           SIDMA EU          -13944614.65   160288368.6
SIDMA SA           SIDMAY S2         -13944614.65   160288368.6
SIEMENS TRANSMIS   4678865Z FP       -30490786.14   344619846.7
SIFAS              SIFAS TI          -15438691.22   130603844.8
SIMED HEALTH CAR   3775544Z NA       -34197.38617   130252722.2
SINNLEFFERS AG     WHG GR            -4491635.615   453887060.1
SIS INTL           SK DC             -31099624.83   338785645.1
SIS INTL           SIS DC            -31099624.83   338785645.1
SIS INTL-NEW       SKN DC            -31099624.83   338785645.1
SISAL GROUP SPA    0775998D IM       -65279300.73    2012802495
SISTEMA HALS-GDR   HALS IX           -874213546.6    3351127450
SISTEMA-GDR 144A   SEMAL US          -874213546.6    3351127450
SITROL CONC-ADR    SVX EX            -119433664.7   940394639.1
SITROL CONC-ADR    STRLY US          -119433664.7   940394639.1
SKANDIA LIFE BUS   1451642Z LN       -1717894.198   162775859.3
SKYEUROPE          SKY PW            -89483677.73     159082240
SKYEUROPE          SKYP PW           -89483677.73     159082240
SKYEUROPE HLDG     SKY EU            -89483677.73     159082240
SKYEUROPE HLDG     SKYPLN EO         -89483677.73     159082240
SKYEUROPE HLDG     SKY AV            -89483677.73     159082240
SKYEUROPE HLDG     SKYPLN EU         -89483677.73     159082240
SKYEUROPE HLDG     SKY EO            -89483677.73     159082240
SKYEUROPE HLDG     0619064D GR       -89483677.73     159082240
SKYEUROPE HLDG     SKURF US          -89483677.73     159082240
SKYEUROPE HLDG     SKYA PZ           -89483677.73     159082240
SKYEUROPE HLDG     SKYV IX           -89483677.73     159082240
SKYEUROPE HLDG     SKY LI            -89483677.73     159082240
SKYEUROPE HOL-RT   SK1 AV            -89483677.73     159082240
SLOVENSKE ENERGE   SES02 EU           -55548542.3   145855993.5
SLOVENSKE ENERGE   1SES01A PZ         -55548542.3   145855993.5
SLOVENSKE ENERGE   SES EU             -55548542.3   145855993.5
SLOVENSKE ENERGE   SES02 SK           -55548542.3   145855993.5
SLOVENSKE ENERGE   SES02 EO           -55548542.3   145855993.5
SLOVENSKE ENERGE   1SES2T B3          -55548542.3   145855993.5
SLOVENSKE ENERGE   SES EO             -55548542.3   145855993.5
SLOVENSKE ENERGE   1SES1T S2          -55548542.3   145855993.5
SLOVENSKE ENERGE   1SES1T B3          -55548542.3   145855993.5
SLOVENSKE ENERGE   1SES2T L3          -55548542.3   145855993.5
SLOVENSKE ENERGE   1SES1T L3          -55548542.3   145855993.5
SLOVENSKE ENERGE   1SES2T S2          -55548542.3   145855993.5
SLOVENSKE ENERGE   SES SK             -55548542.3   145855993.5
SMITHS HEIMANN S   4513283Z FP       -19134635.11   123528857.5
SMITHS NEWS PLC    NWS12 EO          -69818642.47   499012577.7
SMITHS NEWS PLC    NWS6 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS LN            -69818642.47   499012577.7
SMITHS NEWS PLC    NWS IX            -69818642.47   499012577.7
SMITHS NEWS PLC    NWS9 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS2EUR EO        -69818642.47   499012577.7
SMITHS NEWS PLC    NWS2GBP EO        -69818642.47   499012577.7
SMITHS NEWS PLC    NWS5 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS1 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS2EUR EU        -69818642.47   499012577.7
SMITHS NEWS PLC    SMWPF US          -69818642.47   499012577.7
SMITHS NEWS PLC    NWS1 EU           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS PZ            -69818642.47   499012577.7
SMITHS NEWS PLC    NWS11 EO          -69818642.47   499012577.7
SMITHS NEWS PLC    NWS1GBP EO        -69818642.47   499012577.7
SMITHS NEWS PLC    NWS13 EO          -69818642.47   499012577.7
SMITHS NEWS PLC    NWS VX            -69818642.47   499012577.7
SMITHS NEWS PLC    NWS8 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS2 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS4 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS7 EO           -69818642.47   499012577.7
SMITHS NEWS PLC    NWS10 EO          -69818642.47   499012577.7
SNCB HOLDING       SNCBPD BB         -893745521.6   37018974117
SNCB HOLDING       SNCVP BB          -893745521.6   37018974117
SNCB HOLDING       SNCVPEUR EO       -893745521.6   37018974117
SNCB HOLDING       SNCVPEUR EU       -893745521.6   37018974117
SNCB HOLDING-1     0742715D BB       -893745521.6   37018974117
SNCB HOLDING-2     0742716D BB       -893745521.6   37018974117
SNCB HOLDING-DVD   0742717D BB       -893745521.6   37018974117
SNCB HOLDING-INF   1223604D BB       -893745521.6   37018974117
SNCB HOLDING-ORD   0742718D BB       -893745521.6   37018974117
SNCB-JOUISSANCE    146453Z BB        -893745521.6   37018974117
SNCB-PRIV HOLLAN   SNCBPB BB         -893745521.6   37018974117
SNCB-PRIV SUISSE   SNCBPA BB         -893745521.6   37018974117
SNCF RESEAU        224063Z FP         -1502193646   75168386409
SNIA BPD           SN GR             -141935918.3   150447396.9
SNIA BPD-ADR       SBPDY US          -141935918.3   150447396.9
SNIA SPA           SIAI IX           -141935918.3   150447396.9
SNIA SPA           SNIB GR           -141935918.3   150447396.9
SNIA SPA           SN TQ             -141935918.3   150447396.9
SNIA SPA           SN IM             -141935918.3   150447396.9
SNIA SPA           SBPDF US          -141935918.3   150447396.9
SNIA SPA           SIAI PZ           -141935918.3   150447396.9
SNIA SPA           SN EO             -141935918.3   150447396.9
SNIA SPA           SNIXF US          -141935918.3   150447396.9
SNIA SPA           SNIA GR           -141935918.3   150447396.9
SNIA SPA           SSMLF US          -141935918.3   150447396.9
SNIA SPA           SN EU             -141935918.3   150447396.9
SNIA SPA - RTS     SNAAW IM          -141935918.3   150447396.9
SNIA SPA- RTS      SNAXW IM          -141935918.3   150447396.9
SNIA SPA-2003 SH   SN03 IM           -141935918.3   150447396.9
SNIA SPA-CONV SA   SPBDF US          -141935918.3   150447396.9
SNIA SPA-DRC       SNR00 IM          -141935918.3   150447396.9
SNIA SPA-NEW       SN00 IM           -141935918.3   150447396.9
SNIA SPA-NON CON   SPBNF US          -141935918.3   150447396.9
SNIA SPA-RCV       SNIVF US          -141935918.3   150447396.9
SNIA SPA-RCV       SNR IM            -141935918.3   150447396.9
SNIA SPA-RIGHTS    SNAW IM           -141935918.3   150447396.9
SNIA SPA-RNC       SNRNC IM          -141935918.3   150447396.9
SNIA SPA-RNC       SNIWF US          -141935918.3   150447396.9
SNIA SPA-RTS       SNSO IM           -141935918.3   150447396.9
SNIA SPA-RTS       SNAA IM           -141935918.3   150447396.9
SNIACE             SNC IX            -56012111.77   119545583.8
SNIACE             SNC1 TQ           -56012111.77   119545583.8
SNIACE             SNC1 EU           -56012111.77   119545583.8
SNIACE             SSD GR            -56012111.77   119545583.8
SNIACE             SNC1 EB           -56012111.77   119545583.8
SNIACE             SNC SM            -56012111.77   119545583.8
SNIACE             SNCEF US          -56012111.77   119545583.8
SNIACE             SNC1 S1           -56012111.77   119545583.8
SNIACE             SNC1 EO           -56012111.77   119545583.8
SNIACE             SNC PZ            -56012111.77   119545583.8
SNIACE-NEW         SNC/N SM          -56012111.77   119545583.8
SNIACE-RT          SNC/D SM          -56012111.77   119545583.8
SOC DES NOUVEAUX   4738657Z FP       -8776125.203   115226381.8
SOCIEDADE DE CON   3903002Z PL       -18190940.15   130209277.6
SOCIEDADE DE TRA   1253Z PL          -583270000.3   125409558.7
SOCIETE COMMERCI   4516647Z FP       -135557391.6    1345764531
SOCIETE COOPERAT   4634081Z FP       -2483569.477   277148267.8
SOCIETE D'AGENCE   4741441Z FP       -67358903.47   256750902.7
SOCIETE DE CHAUF   4722937Z FP       -45398224.11   123033096.2
SOCIETE DES AUTO   ARR1 VX           -89943297.24   11659772905
SOCIETE DES AUTO   ARR BQ            -89943297.24   11659772905
SOCIETE DES AUTO   ARR1 PZ           -89943297.24   11659772905
SOCIETE DES AUTO   RK9 GR            -89943297.24   11659772905
SOCIETE DES AUTO   ARRGBX EO         -89943297.24   11659772905
SOCIETE DES AUTO   SEAUF US          -89943297.24   11659772905
SOCIETE DES AUTO   ARRGBP EO         -89943297.24   11659772905
SOCIETE DES CENT   4713729Z FP       -2191007.373   109500824.8
SOCIETE DES EAUX   4721033Z FP       -67025242.75   257538795.2
SOCIETE DES-ADR    SEAUY US          -89943297.24   11659772905
SOCIETE FINANCIE   SFAL FP           -304909149.1    6618643415
SODERAG            SDRA FP           -2861533.316   404179878.4
SODERAG-NEW        SDRN FP           -2861533.316   404179878.4
SOGAPAL-SOCIEDAD   4769185Z PL       -17877575.67     137194157
SOGARA FRANCE      4674897Z FP       -112661311.2   297852595.4
SOLOCAL GROU-RTS   LOCDSEUR EU        -1736520389   862279100.1
SOLOCAL GROU-RTS   LOCDSEUR EO        -1736520389   862279100.1
SOLOCAL GROU-RTS   LOCDS FP           -1736520389   862279100.1
SOLOCAL GROU-RTS   LOCDS TQ           -1736520389   862279100.1
SOLOCAL GROUP      PAJCHF EO          -1736520389   862279100.1
SOLOCAL GROUP      PAJGBX EU          -1736520389   862279100.1
SOLOCAL GROUP      LOCAL EB           -1736520389   862279100.1
SOLOCAL GROUP      PAJ QM             -1736520389   862279100.1
SOLOCAL GROUP      PAJUSD EO          -1736520389   862279100.1
SOLOCAL GROUP      QS3 GR             -1736520389   862279100.1
SOLOCAL GROUP      PAJ S1             -1736520389   862279100.1
SOLOCAL GROUP      LOCALP B3          -1736520389   862279100.1
SOLOCAL GROUP      PAJ GK             -1736520389   862279100.1
SOLOCAL GROUP      PAJ EO             -1736520389   862279100.1
SOLOCAL GROUP      LOCAL QX           -1736520389   862279100.1
SOLOCAL GROUP      PAJGBP EO          -1736520389   862279100.1
SOLOCAL GROUP      LOCAL IX           -1736520389   862279100.1
SOLOCAL GROUP      PAJ BQ             -1736520389   862279100.1
SOLOCAL GROUP      PAJ TQ             -1736520389   862279100.1
SOLOCAL GROUP      PAJ1CHF EO         -1736520389   862279100.1
SOLOCAL GROUP      QS3 TH             -1736520389   862279100.1
SOLOCAL GROUP      LOCALP S2          -1736520389   862279100.1
SOLOCAL GROUP      LOCALP L3          -1736520389   862279100.1
SOLOCAL GROUP      LOCAL FP           -1736520389   862279100.1
SOLOCAL GROUP      PAJGBX EO          -1736520389   862279100.1
SOLOCAL GROUP      PAJ1CHF EU         -1736520389   862279100.1
SOLOCAL GROUP      PAJUSD EU          -1736520389   862279100.1
SOLOCAL GROUP      LOCAL EU           -1736520389   862279100.1
SOLOCAL GROUP      PAJ IX             -1736520389   862279100.1
SOLOCAL GROUP      PAJ EB             -1736520389   862279100.1
SOLOCAL GROUP      PAJ EU             -1736520389   862279100.1
SOLOCAL GROUP      LOCAL TQ           -1736520389   862279100.1
SOLOCAL GROUP      LOCAL SW           -1736520389   862279100.1
SOLON AG FU-MEW    532564Q GR        -138663225.9   627116116.4
SOLON AG FUE-NEW   SOO3 GR           -138663225.9   627116116.4
SOLON AG FUE-NEW   SOO4 GR           -138663225.9   627116116.4
SOLON AG FUE-NEW   SOOJ GR           -138663225.9   627116116.4
SOLON AG FUE-RTS   2292896Z GR       -138663225.9   627116116.4
SOLON AG FUER SO   SOOG IX           -138663225.9   627116116.4
SOLON AG FUER SO   SOO GR            -138663225.9   627116116.4
SOLON SE           SGFRF US          -138663225.9   627116116.4
SOLON SE           SOO1 EO           -138663225.9   627116116.4
SOLON SE           SOO1 TQ           -138663225.9   627116116.4
SOLON SE           SOO1 TH           -138663225.9   627116116.4
SOLON SE           SOO1 EU           -138663225.9   627116116.4
SOLON SE           SOO1 BQ           -138663225.9   627116116.4
SOLON SE           SOO1 GR           -138663225.9   627116116.4
SOLON SE           SOO1 S1           -138663225.9   627116116.4
SOLON SE           SOO1 PZ           -138663225.9   627116116.4
SOLON SE           SNBZF US          -138663225.9   627116116.4
SOLON SE           SOO1USD EU        -138663225.9   627116116.4
SOLON SE           SOON EO           -138663225.9   627116116.4
SOLON SE           SOO1USD EO        -138663225.9   627116116.4
SOLON SE           SOON EU           -138663225.9   627116116.4
SOLON SE           SOON GR           -138663225.9   627116116.4
SOLON SE-RTS       3664247Z GR       -138663225.9   627116116.4
SOLVAY PORTUGAL-   4775353Z PL       -26828982.51   133606876.8
SOMERSTON HOTELS   1167535Z LN       -189322116.8   379519378.5
SOMERSTON HOTELS   1231735Z LN       -41262222.44   103352288.9
SONET INVESTMENT   1692672Z LN       -5145399.595   362238782.1
SONY COMPUTER EN   3893902Z LN       -484038262.1    1249348085
SONY EUROPE LTD    1591658Z LN        -2116271762    1654745164
SOPAF SPA          SPF TQ               -24220244   153759286.6
SOPAF SPA          SPF EB               -24220244   153759286.6
SOPAF SPA          SPF IM               -24220244   153759286.6
SOPAF SPA          SPFI IX              -24220244   153759286.6
SOPAF SPA          SPF BQ               -24220244   153759286.6
SOPAF SPA          SPF EU               -24220244   153759286.6
SOPAF SPA          SPF PZ               -24220244   153759286.6
SOPAF SPA          SPF QM               -24220244   153759286.6
SOPAF SPA          SSZ HK               -24220244   153759286.6
SOPAF SPA          SOPAF US             -24220244   153759286.6
SOPAF SPA          SPF EO               -24220244   153759286.6
SOPAF SPA          SOCAF US             -24220244   153759286.6
SOPAF SPA-NEW 97   SPF97 IM             -24220244   153759286.6
SOPAF SPA-RNC      SPFN IM              -24220244   153759286.6
SOPAF SPA-RNC      SOPCF US             -24220244   153759286.6
SOPAF SPA-RT       SPFOB IM             -24220244   153759286.6
SOUTHERN CROSS     SCHEEUR EO        -456945463.9     226544692
SOUTHERN CROSS     SCH5 EO           -456945463.9     226544692
SOUTHERN CROSS     SCHEUSD EU        -456945463.9     226544692
SOUTHERN CROSS     F2Z GR            -456945463.9     226544692
SOUTHERN CROSS     SOCHF US          -456945463.9     226544692
SOUTHERN CROSS     SCHE LN           -456945463.9     226544692
SOUTHERN CROSS     SCHE TQ           -456945463.9     226544692
SOUTHERN CROSS     SCHE EO           -456945463.9     226544692
SOUTHERN CROSS     SCHE VX           -456945463.9     226544692
SOUTHERN CROSS     SCH4 EO           -456945463.9     226544692
SOUTHERN CROSS     F2Z TH            -456945463.9     226544692
SOUTHERN CROSS     SCHE QM           -456945463.9     226544692
SOUTHERN CROSS     SCHEEUR EU        -456945463.9     226544692
SOUTHERN CROSS     SCHE4 EO          -456945463.9     226544692
SOUTHERN CROSS     SCHE BQ           -456945463.9     226544692
SOUTHERN CROSS     SCHE3 EO          -456945463.9     226544692
SOUTHERN CROSS     SCHE5 EO          -456945463.9     226544692
SOUTHERN CROSS     SCHE2 EO          -456945463.9     226544692
SOUTHERN CROSS     SCHE PZ           -456945463.9     226544692
SOUTHERN CROSS     SCHE EB           -456945463.9     226544692
SOUTHERN CROSS     SCHE NQ           -456945463.9     226544692
SOUTHERN CROSS     SCHE NR           -456945463.9     226544692
SOUTHERN CROSS     SCHE7 EO          -456945463.9     226544692
SOUTHERN CROSS     SCHE6 EO          -456945463.9     226544692
SOUTHERN CROSS     SCHE EU           -456945463.9     226544692
SOUTHERN CROSS     SCHE S1           -456945463.9     226544692
SOUTHERN CROSS     SCHE8 EO          -456945463.9     226544692
SOUTHERN CROSS     SCH3 EO           -456945463.9     226544692
SOUTHERN CROSS     SCHEGBP EO        -456945463.9     226544692
SOUTHERN CROSS     SCHE IX           -456945463.9     226544692
SOUTHERN CROSS     SCHEUSD EO        -456945463.9     226544692
SOUTHERN CROSS     SCHE PO           -456945463.9     226544692
SOUTHERN ELE-ADR   SOELY US          -315604519.9    1586196236
SOUTHERN ELEC      619136Q LN        -315604519.9    1586196236
SOUTHERN ELEC-B    SELB LN           -315604519.9    1586196236
SPANAIR            1174Z SM          -224908325.6   350100970.3
SPAR HAND-PFD NV   SPA3 GR           -442426239.7    1433020961
SPAR HANDELS-AG    773844Q GR        -442426239.7    1433020961
SPAR HANDELS-AG    SPHFF US          -442426239.7    1433020961
SPENCER DOCK DEV   3813908Z ID          -87906519     773958702
SPIE BATIGNOLLES   1083363D FP       -15843540.88    5280931385
SPIRE HEALTHCARE   1444034Z LN       -423214914.8    2678924382
SPRINGER SCIENCE   648808Z GR        -664638301.8    3767996594
SQUARE ENIX LTD    1826770Z LN       -332218913.1   298496661.4
ST FIACRE (FIN)    132143Q FP        -1274873.644   111191494.1
ST GOBAIN SEKURI   3737571Z BB       -71323279.72   142248917.8
STAGECOACH SERVI   1584258Z LN       -13660380.53   207868606.7
STALNAYA GRUPPA    SGML$ RU            -221372976   11383539712
STAPLES UK RETAI   1592994Z LN       -80237154.66     170116799
START FUNDING NO   3816392Z ID       -49647004.37   505142087.3
STE FRANCAISE D'   4639273Z FP       -12030114.22   468842299.4
STEMCOR HOLDINGS   532183Z LN        -120313888.1    2404159063
STEMCOR UK LTD     1071106Z LN         -139791008     244452000
STIROL CONC -ADR   SVXF IX           -119433664.7   940394639.1
STIROL CONC -ADR   SVX GR            -119433664.7   940394639.1
STIROL CONC -ADR   STIR009 RU        -119433664.7   940394639.1
STIROL CONC -ADR   SRLLY US          -119433664.7   940394639.1
STIROL CONCERN     STRLF US          -119433664.7   940394639.1
STIROL CONCERN     SRLLF US          -119433664.7   940394639.1
STIROL CONCERN     STIR UZ           -119433664.7   940394639.1
STJAMES'S PLACE    4451825Z LN       -69492713.34   762546232.1
STOREBRAND EIEND   4288341Z NO        -1122201535    3712340671
SUN CHEMICAL LTD   2569274Z LN       -13584119.99   227447866.6
SUN VALLEY FOODS   2346003Z LN       -10931349.79   194740084.6
SUNDERLAND ASSOC   1274418Z LN       -55274632.43   153207257.5
SUSQUEHANNA EURO   4459081Z ID        -1526322048    6118562816
SUZLON WIND ENER   3985532Z DC       -50030921.82   151671945.3
SUZLON WIND ENER   3809140Z SM       -4604655.096   154658232.2
SWISS NATIONBANK   SN SW              -4267161939      5.52E+11
T BANK             TBANK EU          -46224213.41    3486115450
T BANK             TBANK GA          -46224213.41    3486115450
T BANK             ASPT GA           -46224213.41    3486115450
T BANK             ASPT EU           -46224213.41    3486115450
T BANK             TBANK EO          -46224213.41    3486115450
T BANK             ASPT PZ           -46224213.41    3486115450
T BANK             ASPT EO           -46224213.41    3486115450
TA TRIUMPH-A-RTS   1018916Z GR       -124531131.9   313411495.3
TA TRIUMPH-ACQ     TWNA GR           -124531131.9   313411495.3
TA TRIUMPH-ACQ     TWNA EU           -124531131.9   313411495.3
TA TRIUMPH-ADLER   0292922D GR       -124531131.9   313411495.3
TA TRIUMPH-ADLER   TWNG IX           -124531131.9   313411495.3
TA TRIUMPH-ADLER   TWN EU            -124531131.9   313411495.3
TA TRIUMPH-ADLER   TWN EO            -124531131.9   313411495.3
TA TRIUMPH-ADLER   TTZAF US          -124531131.9   313411495.3
TA TRIUMPH-ADLER   TWN PZ            -124531131.9   313411495.3
TA TRIUMPH-NEW     TWN1 GR           -124531131.9   313411495.3
TA TRIUMPH-RT      TWN8 GR           -124531131.9   313411495.3
TA TRIUMPH-RTS     3158577Q GR       -124531131.9   313411495.3
TABASA INFRAESTR   3747640Z SM         -174949990   118045845.5
TABLEROS DE FI-N   TFI/N SM          -86643526.68   212704268.2
TABLEROS DE FI-R   TFI/D SM          -86643526.68   212704268.2
TABLEROS DE FIBR   TRFSF US          -86643526.68   212704268.2
TAFISA             TFIEUR EU         -86643526.68   212704268.2
TAFISA             TFIEUR EO         -86643526.68   212704268.2
TAFISA             TFI SM            -86643526.68   212704268.2
TAKEDA PHARMA IR   4460049Z ID       -553964898.1   178556098.5
TAKKER EUROPA AP   3972332Z DC       -83653640.05   206327420.9
TALISMAN ENERGY    3641763Z NO       -331083562.7    2451136755
TALVIVAARA MI-DI   TALVUSD EU        -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV QM           -396381388.6   859487684.4
TALVIVAARA MI-DI   TM7 GR            -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV NR           -396381388.6   859487684.4
TALVIVAARA MI-DI   TLV1V TQ          -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV IX           -396381388.6   859487684.4
TALVIVAARA MI-DI   TM7 GK            -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV EU           -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVUSD EO        -396381388.6   859487684.4
TALVIVAARA MI-DI   TLV1V BQ          -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV PZ           -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV LN           -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVL S2          -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVEUR EU        -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVGBP EO        -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV S1           -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV BQ           -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV TQ           -396381388.6   859487684.4
TALVIVAARA MI-DI   TLV1V FH          -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVEUR EO        -396381388.6   859487684.4
TALVIVAARA MI-DI   TM7 TH            -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV EB           -396381388.6   859487684.4
TALVIVAARA MI-DI   TLV1V BY          -396381388.6   859487684.4
TALVIVAARA MI-DI   TLV1VH S2         -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVL B3          -396381388.6   859487684.4
TALVIVAARA MI-DI   TLV1V IX          -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVEUR QM        -396381388.6   859487684.4
TALVIVAARA MI-DI   TLV1V EB          -396381388.6   859487684.4
TALVIVAARA MI-DI   TALVL L3          -396381388.6   859487684.4
TALVIVAARA MI-DI   TALV EO           -396381388.6   859487684.4
TALVIVAARA MI-RT   0745741D LN       -396381388.6   859487684.4
TALVIVAARA MI-RT   TALS EO           -396381388.6   859487684.4
TALVIVAARA MI-RT   TLV1VU13 FH       -396381388.6   859487684.4
TALVIVAARA MI-RT   TALS LN           -396381388.6   859487684.4
TALVIVAARA MININ   TALI LN           -396381388.6   859487684.4
TALVIVAARA MININ   TLV1VN13 FH       -396381388.6   859487684.4
TALVIVAARA MININ   TLV1VEUR NQ       -396381388.6   859487684.4
TALVIVAARA MININ   0745755D LN       -396381388.6   859487684.4
TALVIVAARA MININ   TLV1V NQ          -396381388.6   859487684.4
TALVIVAARA MININ   TALV NQ           -396381388.6   859487684.4
TALVIVAARA MININ   0746817D FH       -396381388.6   859487684.4
TAP SGPS           TAP PL            -514759935.9    2337485245
TATA CHEMICALS     1626874Z LN       -6488265.073   183288170.1
TATA CMMNCTNS UK   2534722Z LN          -79448664     149100896
TATA STEEL EUROP   4287165Z LN       -470404199.8   11926915209
TAVEX - RTS        ASA/D SM          -10622070.67     655950832
TAVEX ALGODO-RTS   613781Q SM        -10622070.67     655950832
TAVEX ALGODO-RTS   2773473Q SM       -10622070.67     655950832
TAVEX ALGODON-NE   ASA/N SM          -10622070.67     655950832
TAVEX ALGODONERA   ASA PZ            -10622070.67     655950832
TAVEX ALGODONERA   ASA SM            -10622070.67     655950832
TAVEX ALGODONERA   ASA EU            -10622070.67     655950832
TAVEX ALGODONERA   ASA EO            -10622070.67     655950832
TEAM PARTNER-RTS   633323Q FP        -13557467.93     129831049
TEAM PARTNER-RTS   2841653Q FP       -13557467.93     129831049
TEAM PARTNERS      TPTRF US          -13557467.93     129831049
TEAM PARTNERS      TIP FP            -13557467.93     129831049
TEAM PARTNERS      TPGY IX           -13557467.93     129831049
TEAM PARTNERS      2347985Q EO       -13557467.93     129831049
TEAM PARTNERS      TIP PZ            -13557467.93     129831049
TEAM PARTNERS      2347981Q EU       -13557467.93     129831049
TEAM PARTNERS GR   TIPDS FP          -13557467.93     129831049
TEAM PARTNERS GR   TPGP PZ           -13557467.93     129831049
TEAM PARTNERS GR   TIPA EO           -13557467.93     129831049
TEAM PARTNERS GR   TIPA EU           -13557467.93     129831049
TEAM PARTNERS GR   TPGP IX           -13557467.93     129831049
TEAM PARTNERS GR   TIPNV FP          -13557467.93     129831049
TEAM PARTNERS GR   TIPA FP           -13557467.93     129831049
TEAM PARTNERS-N    TIPN FP           -13557467.93     129831049
TECNODIFF ITALIA   TDI IM            -89894162.82   152045757.5
TECNODIFF ITALIA   TDI NM            -89894162.82   152045757.5
TECNODIFF ITALIA   TDIFF US          -89894162.82   152045757.5
TECNODIFF ITALIA   0965585D GR       -89894162.82   152045757.5
TECNODIFF-RTS      TDIAOW NM         -89894162.82   152045757.5
TECNODIFFUSIONE    TDIAAW IM         -89894162.82   152045757.5
TEEUWISSEN HOLDI   3804012Z NA        -459173.717   366182065.4
TEL IT MEDIA-RTS   TMERAA IM         -26146890.82   390114892.6
TELE COLUMBUS AG   TC1 TH            -84850614.65   960322563.6
TELE COLUMBUS AG   TC1 LI            -84850614.65   960322563.6
TELE COLUMBUS AG   TC1 QT            -84850614.65   960322563.6
TELE COLUMBUS AG   TC1EUR EO         -84850614.65   960322563.6
TELE COLUMBUS AG   TC1EUR EU         -84850614.65   960322563.6
TELE COLUMBUS AG   TC1D S1           -84850614.65   960322563.6
TELE COLUMBUS AG   TC1D IX           -84850614.65   960322563.6
TELE COLUMBUS AG   TC1D TQ           -84850614.65   960322563.6
TELE COLUMBUS AG   TC1D EB           -84850614.65   960322563.6
TELE COLUMBUS AG   3215720Z GR       -84850614.65   960322563.6
TELE COLUMBUS AG   TC1 GR            -84850614.65   960322563.6
TELECOM IT-RTS     TMEAA IM          -26146890.82   390114892.6
TELECOM ITAL RSP   TMERM B3          -26146890.82   390114892.6
TELECOM ITAL RSP   TMERM L3          -26146890.82   390114892.6
TELECOM ITAL RSP   TMER PZ           -26146890.82   390114892.6
TELECOM ITAL RSP   TMER EO           -26146890.82   390114892.6
TELECOM ITAL RSP   TMERM S2          -26146890.82   390114892.6
TELECOM ITAL RSP   TMER EU           -26146890.82   390114892.6
TELECOM ITAL RSP   TIAZF US          -26146890.82   390114892.6
TELECOM ITAL RSP   TMER TQ           -26146890.82   390114892.6
TELECOM ITAL RSP   TCMN IX           -26146890.82   390114892.6
TELECOM ITAL RSP   TMER IM           -26146890.82   390114892.6
TELECOM ITAL-ADR   TIAMY US          -26146890.82   390114892.6
TELECOM ITAL-RTS   TMIDS FP          -26146890.82   390114892.6
TELECOM ITALIA M   TCLM LN           -26146890.82   390114892.6
TELECOM ITALIA M   PGA2 GR           -26146890.82   390114892.6
TELECOM ITALIA M   TMEAZA IM         -26146890.82   390114892.6
TELECOM ITALIA M   TIAMF US          -26146890.82   390114892.6
TELECOM ITALIA M   TMEM L3           -26146890.82   390114892.6
TELECOM ITALIA M   TME TQ            -26146890.82   390114892.6
TELECOM ITALIA M   TMEM S2           -26146890.82   390114892.6
TELECOM ITALIA M   TME NQ            -26146890.82   390114892.6
TELECOM ITALIA M   TME EU            -26146890.82   390114892.6
TELECOM ITALIA M   TMI FP            -26146890.82   390114892.6
TELECOM ITALIA M   TME NR            -26146890.82   390114892.6
TELECOM ITALIA M   TMEM B3           -26146890.82   390114892.6
TELECOM ITALIA M   TME BQ            -26146890.82   390114892.6
TELECOM ITALIA M   TCM IX            -26146890.82   390114892.6
TELECOM ITALIA M   TME IM            -26146890.82   390114892.6
TELECOM ITALIA M   PGA VX            -26146890.82   390114892.6
TELECOM ITALIA M   TME EO            -26146890.82   390114892.6
TELECOM ITALIA M   TME EB            -26146890.82   390114892.6
TELECOM ITALIA M   TME PZ            -26146890.82   390114892.6
TELECOM ITALIA M   TME IX            -26146890.82   390114892.6
TELECOM ITALIA M   TMEGBX EO         -26146890.82   390114892.6
TELECOM ITALIA M   TME S1            -26146890.82   390114892.6
TELECOM ITALIA M   TME QM            -26146890.82   390114892.6
TELECOM ITALIA M   PGA GR            -26146890.82   390114892.6
TELECOM ITALIA M   PGA1 GR           -26146890.82   390114892.6
TELEFONICA CABLE   4374649Z SM       -13714272.04   108786240.3
TELENET GROUP HO   972951Z BB         -1648383091    4125011169
TELENET GROUP HO   972991Z BB         -1648383091    4125011169
TELENET GRP HLDG   TNET PZ            -1648383091    4125011169
TELENET GRP HLDG   TNET LI            -1648383091    4125011169
TELENET GRP HLDG   TNET EO            -1648383091    4125011169
TELENET GRP HLDG   TNET EB            -1648383091    4125011169
TELENET GRP HLDG   TLGHF US           -1648383091    4125011169
TELENET GRP HLDG   TNET NQ            -1648383091    4125011169
TELENET GRP HLDG   TNET QM            -1648383091    4125011169
TELENET GRP HLDG   TNETB S2           -1648383091    4125011169
TELENET GRP HLDG   TNETGBX EU         -1648383091    4125011169
TELENET GRP HLDG   TNETUSD EO         -1648383091    4125011169
TELENET GRP HLDG   TNETB B3           -1648383091    4125011169
TELENET GRP HLDG   T4I GR             -1648383091    4125011169
TELENET GRP HLDG   TNET QX            -1648383091    4125011169
TELENET GRP HLDG   T4I QT             -1648383091    4125011169
TELENET GRP HLDG   TNETB L3           -1648383091    4125011169
TELENET GRP HLDG   TNET SW            -1648383091    4125011169
TELENET GRP HLDG   TNET EU            -1648383091    4125011169
TELENET GRP HLDG   TNET MT            -1648383091    4125011169
TELENET GRP HLDG   T4I TH             -1648383091    4125011169
TELENET GRP HLDG   TLGHFN L3          -1648383091    4125011169
TELENET GRP HLDG   TNETGBP EO         -1648383091    4125011169
TELENET GRP HLDG   TNET IX            -1648383091    4125011169
TELENET GRP HLDG   TNET S1            -1648383091    4125011169
TELENET GRP HLDG   TLGHFN B3          -1648383091    4125011169
TELENET GRP HLDG   TNETGBX EO         -1648383091    4125011169
TELENET GRP HLDG   TNET BB            -1648383091    4125011169
TELENET GRP HLDG   TNET BQ            -1648383091    4125011169
TELENET GRP HLDG   TNET TQ            -1648383091    4125011169
TELENET GRP HLDG   TNETUSD EU         -1648383091    4125011169
TELENET GRP HLDG   3218105Q IX        -1648383091    4125011169
TELENET GRP HLDG   TNET GK            -1648383091    4125011169
TELENET-STRP       TNETS BB           -1648383091    4125011169
TELENET-UNS ADR    TLGHY US           -1648383091    4125011169
TELEWEST COM-ADR   TWSTY US           -3702338522    7581233764
TELEWEST COM-ADR   TWT$ LN            -3702338522    7581233764
TELEWEST COM-ADR   940767Q GR         -3702338522    7581233764
TELEWEST COM-ADR   TWSTD US           -3702338522    7581233764
TELEWEST COMM      TWSTF US           -3702338522    7581233764
TELEWEST COMM      TWT VX             -3702338522    7581233764
TELEWEST COMM      604296Q GR         -3702338522    7581233764
TELEWEST COMMUNI   2188148Z LN       -67233110.94     202555795
TELEWEST COMMUNI   1646328Z LN       -70647363.53    1206793393
TEMENOS UK LTD     1510258Z LN       -45594601.76   174643741.6
TF1 VIDEO SASU     4516855Z FP       -18656465.65   113026097.4
THALES AVIONICS    3636463Z FP       -12162547.91   167485138.3
THALES RAIL SIGN   2812334Z LN       -53304418.15   127892833.1
THALES SECURITY    4701729Z FP       -426153529.7   822653430.4
THALES TRANSPORT   1163839Z LN       -70122221.34     197834485
THARISA PLC        THA SJ               -90755000     361040992
THEMELIODOMI       THEME GA          -55751173.78   232036822.6
THEMELIODOMI-AUC   THEMEE GA         -55751173.78   232036822.6
THEMELIODOMI-RTS   THEMED GA         -55751173.78   232036822.6
THEMELIODOMI-RTS   THEMER GA         -55751173.78   232036822.6
THOMSON REUTERS    4777193Z NO       -130942490.2   119378624.6
THOMSON TELECOM    4516815Z FP       -5134206.103   321303435.7
THORN EMI PLC      THNE FP            -2265973885    2950096964
THORN EMI-ADR      THN$ LN            -2265973885    2950096964
THORN EMI-ADR      TORNY US           -2265973885    2950096964
THORN EMI-CDR      THN NA             -2265973885    2950096964
THORN EMI-REGD     1772Q GR           -2265973885    2950096964
TISCALI - RTS      TIQA GR           -204369006.4   251559007.9
TISCALI - RTS      TISAAW IM         -204369006.4   251559007.9
TISCALI SPA        TISM L3           -204369006.4   251559007.9
TISCALI SPA        TIS IM            -204369006.4   251559007.9
TISCALI SPA        TIS TQ            -204369006.4   251559007.9
TISCALI SPA        TISN FP           -204369006.4   251559007.9
TISCALI SPA        TIS NR            -204369006.4   251559007.9
TISCALI SPA        TIS EO            -204369006.4   251559007.9
TISCALI SPA        TISM IX           -204369006.4   251559007.9
TISCALI SPA        TIS EU            -204369006.4   251559007.9
TISCALI SPA        TISGBX EU         -204369006.4   251559007.9
TISCALI SPA        TIS IX            -204369006.4   251559007.9
TISCALI SPA        TIS VX            -204369006.4   251559007.9
TISCALI SPA        TIS1 S1           -204369006.4   251559007.9
TISCALI SPA        TISGBP EO         -204369006.4   251559007.9
TISCALI SPA        TSCXF US          -204369006.4   251559007.9
TISCALI SPA        TIS NQ            -204369006.4   251559007.9
TISCALI SPA        TISM S2           -204369006.4   251559007.9
TISCALI SPA        TIS QM            -204369006.4   251559007.9
TISCALI SPA        TIQ GR            -204369006.4   251559007.9
TISCALI SPA        TIS BQ            -204369006.4   251559007.9
TISCALI SPA        TIS EB            -204369006.4   251559007.9
TISCALI SPA        TIQ1 GR           -204369006.4   251559007.9
TISCALI SPA        TISGBX EO         -204369006.4   251559007.9
TISCALI SPA        TIS NA            -204369006.4   251559007.9
TISCALI SPA        TISN IX           -204369006.4   251559007.9
TISCALI SPA        TIS FP            -204369006.4   251559007.9
TISCALI SPA        TISN NA           -204369006.4   251559007.9
TISCALI SPA        TISN IM           -204369006.4   251559007.9
TISCALI SPA        TIS PZ            -204369006.4   251559007.9
TISCALI SPA        TISN VX           -204369006.4   251559007.9
TISCALI SPA        TIQG IX           -204369006.4   251559007.9
TISCALI SPA        TISM B3           -204369006.4   251559007.9
TISCALI SPA- RTS   TISAXA IM         -204369006.4   251559007.9
TISCALI SPA- RTS   3391621Q GR       -204369006.4   251559007.9
TITAN CABLE PLC    715382Q LN         -3702338522    7581233764
TIUTA PLC          3814936Z LN       -56307814.14   182365274.9
TNT NV             TPG LI            -713900022.5    2997170017
TNT NV             TNT EO            -713900022.5    2997170017
TNT NV             TNT GK            -713900022.5    2997170017
TNT NV             TNTUSD EU         -713900022.5    2997170017
TNT NV             TNTNOK EU         -713900022.5    2997170017
TNT NV             TNT NQ            -713900022.5    2997170017
TNT NV             TNTCHF EU         -713900022.5    2997170017
TNT NV             TNT GR            -713900022.5    2997170017
TNT NV             TNT S1            -713900022.5    2997170017
TNT NV             TNTAUD EO         -713900022.5    2997170017
TNT NV             TNTNOK EO         -713900022.5    2997170017
TNT NV             TPG LN            -713900022.5    2997170017
TNT NV             TPGNF US          -713900022.5    2997170017
TNT NV             TNTPLN EO         -713900022.5    2997170017
TNT NV             TNT TQ            -713900022.5    2997170017
TNT NV             TNTPLN EU         -713900022.5    2997170017
TNT NV             TNT NA            -713900022.5    2997170017
TNT NV             TPG NA            -713900022.5    2997170017
TNT NV             TNT BQ            -713900022.5    2997170017
TNT NV             TNTUSD EO         -713900022.5    2997170017
TNT NV             TNTGBX EU         -713900022.5    2997170017
TNT NV             TNT EB            -713900022.5    2997170017
TNT NV             TNTP IX           -713900022.5    2997170017
TNT NV             TNT VX            -713900022.5    2997170017
TNT NV             TNTGBP EO         -713900022.5    2997170017
TNT NV             TPG VX            -713900022.5    2997170017
TNT NV             TNTAUD EU         -713900022.5    2997170017
TNT NV             TNT QM            -713900022.5    2997170017
TNT NV             TNTCHF EO         -713900022.5    2997170017
TNT NV             TPG GR            -713900022.5    2997170017
TNT NV             TNTGBX EO         -713900022.5    2997170017
TNT NV             TNT EU            -713900022.5    2997170017
TNT NV-ADR         TNT US            -713900022.5    2997170017
TNT NV-ADR         TPGA GR           -713900022.5    2997170017
TNT NV-ADR         TP US             -713900022.5    2997170017
TNT POST GRP-STK   TPGS NA           -713900022.5    2997170017
TOORA              2916661Q EO       -288811.9236     147001663
TOORA              2916665Q EU       -288811.9236     147001663
TOORA              TOR PZ            -288811.9236     147001663
TOORA              1056312D PW       -288811.9236     147001663
TOORA-ALLOT CERT   1025366D PW       -288811.9236     147001663
TOPAZ ENERGY GRO   4508643Z ID       -61682466.52   512166489.3
TOPLAND PORTFOLI   1939134Z LN       -70350009.57   188623384.4
TORM A/S           TORMCHF EU          -163995008    1384248960
TORM A/S           1108066D DC         -163995008    1384248960
TORM A/S           TORMEUR EO          -163995008    1384248960
TORM A/S           TORM TQ             -163995008    1384248960
TORM A/S           TORMC S2            -163995008    1384248960
TORM A/S           TORMC L3            -163995008    1384248960
TORM A/S           TORM EO             -163995008    1384248960
TORM A/S           TORM BQ             -163995008    1384248960
TORM A/S           TORM EB             -163995008    1384248960
TORM A/S           TORMC B3            -163995008    1384248960
TORM A/S           TORM NQ             -163995008    1384248960
TORM A/S           TORM PZ             -163995008    1384248960
TORM A/S           TORMUSD EO          -163995008    1384248960
TORM A/S           TORM QM             -163995008    1384248960
TORM A/S           TORMGBP EO          -163995008    1384248960
TORM A/S           D8D GR              -163995008    1384248960
TORM A/S           TORM EU             -163995008    1384248960
TORM A/S           DSKBF US            -163995008    1384248960
TORM A/S           TORM S1             -163995008    1384248960
TORM A/S           TORMUSD EU          -163995008    1384248960
TORM A/S           TORMEUR EU          -163995008    1384248960
TORM A/S           TORMCHF EO          -163995008    1384248960
TORM A/S           TORM IX             -163995008    1384248960
TORM A/S           TORM DC             -163995008    1384248960
TORM A/S           TORM BY             -163995008    1384248960
TORM A/S-ADR       D8DA GR             -163995008    1384248960
TORM A/S-ADR       D8DB GR             -163995008    1384248960
TORM A/S-ADR       TRMD US             -163995008    1384248960
TOUGHER'S OIL DI   3807844Z ID          -36877649   104267886.6
TOWER GROUP A/S    TOWER BY          -31099624.83   338785645.1
TOWER GROUP A/S    SICC IX           -31099624.83   338785645.1
TOWER GROUP A/S    TOWEREUR EU       -31099624.83   338785645.1
TOWER GROUP A/S    TOWER EO          -31099624.83   338785645.1
TOWER GROUP A/S    TOWER DC          -31099624.83   338785645.1
TOWER GROUP A/S    TOWER PZ          -31099624.83   338785645.1
TOWER GROUP A/S    TOWER EU          -31099624.83   338785645.1
TOWER GROUP A/S    TOWEREUR EO       -31099624.83   338785645.1
TOWER GROUP-NEW    TOWERN DC         -31099624.83   338785645.1
TOWER GROUP-RTS    3536132Q DC       -31099624.83   338785645.1
TOWER GROUP-RTS    TOWERT DC         -31099624.83   338785645.1
TOYOTA MOTOR MAN   4512043Z FP        -46821010.2   743895134.9
TPG NV             TNT LN            -713900022.5    2997170017
TRABZONSPOR        TSO GR            -34128608.69   128273145.7
TRABZONSPOR        TBZYF US          -34128608.69   128273145.7
TRABZONSPOR        TSPOR TI          -34128608.69   128273145.7
TRABZONSPOR SPOR   TSPORM TI         -34128608.69   128273145.7
TRABZONSPOR- RTS   TSPORR TI         -34128608.69   128273145.7
TRADER MEDIA COR   1809857Z LN       -68377500.77    1067600712
TRANSPORT D-NEW    TNLN FP           -6937246.157   107314275.4
TRANSPORT D-RTS    TNLR FP           -6937246.157   107314275.4
TRAVELEX HOLDING   2917958Z LN        -1601950541    2190537985
TRAVELPORT WORLD   1TW TH              -338000000    2892000000
TRAVELPORT WORLD   TVPTEUR EU          -338000000    2892000000
TRAVELPORT WORLD   TVPTEUR EO          -338000000    2892000000
TRAVELPORT WORLD   1TW GR              -338000000    2892000000
TRAVELPORT WORLD   TVPT US             -338000000    2892000000
TRAVELPORT WORLD   1005045D US         -338000000    2892000000
TRINITY MIRROR P   1511258Z LN         -131856186   562771692.5
TROUVAY CAUVIN     ETEC FP           -396977.8818   133986439.7
TROUVAY CAUVIN     TVYCF US          -396977.8818   133986439.7
TUBE LINES FINAN   1241207Z LN       -2914999.962    2408518672
TUI UK LTD         1653824Z LN         -207142395    3158921524
TUILERIES FINANC   4701769Z FP       -3956981.588   125941142.6
TUTUNBANK          TUT TI            -948074542.1   622746433.4
TVER ENERGY RET    TVSBG RU          -24410938.13     161377178
TVER ENERGY RET    0633645D RU       -24410938.13     161377178
TVER ENERGY RET    TVSB RM           -24410938.13     161377178
TVER ENERGY RET    TVSB* RU          -24410938.13     161377178
TVER ENERGY RET    TVSB RU           -24410938.13     161377178
TVER ENERGY-PFD    TVSBP* RU         -24410938.13     161377178
TVER ENERGY-PFD    TVSBP RM          -24410938.13     161377178
TVER ENERGY-PFD    TVSBPG RU         -24410938.13     161377178
TVER ENERGY-PFD    TVSBP RU          -24410938.13     161377178
TVER ENERGY-PFD    0633659D RU       -24410938.13     161377178
UKRAINIAN INNOVA   UIFC UZ           -4433976.899   132567951.3
ULSTERBUS LTD      3820392Z LN       -10764138.12   304076265.4
UMBRO INTERNATIO   UMBROZ HK         -23446865.21   108386366.5
UNEDIC             220055Z FP        -13751596343    9133559737
UNILEVER UK CENT   1273034Z LN        -2677661868   15838747390
UNITEC UNION TIE   3801344Z SM       -23208240.29   131217999.9
UNITED PAN -ADR    UPEA GR            -5505478850    5112616630
UNITED PAN-A ADR   UPCOY US           -5505478850    5112616630
UNITED PAN-EUR-A   UPC LN             -5505478850    5112616630
UNITED PAN-EUR-A   UPC LI             -5505478850    5112616630
UNITED PAN-EUROP   UPC VX             -5505478850    5112616630
UNITED PAN-EUROP   UPCOF US           -5505478850    5112616630
UNITED PAN-EUROP   UPCEF US           -5505478850    5112616630
UNITED PAN-EUROP   UPE1 GR            -5505478850    5112616630
UNITED TEXTILES    NAOYK GA          -163112562.6   286535432.7
UNITED TEXTILES    NAOSF US          -163112562.6   286535432.7
UNITED TEXTILES    NML1 GR           -163112562.6   286535432.7
UNITED TEXTILES    UTEX GA           -163112562.6   286535432.7
UNITED TEXTILES    UTEX EU           -163112562.6   286535432.7
UNITED TEXTILES    UTEX EO           -163112562.6   286535432.7
UNITED TEXTILES    UTEX PZ           -163112562.6   286535432.7
UNIVERSAL LEASIN   2581586Z LN       -28689717.99   155124932.2
UPC HOLDING BV     3590264Z NA       -14319465148   14013219901
UPP NOTTINGHAM L   1958934Z LN       -41006312.76   172101149.9
URBAN SPLASH GRO   4286109Z LN       -54469749.91     294837811
URBAS GRUPO FINA   UBSE S2           -58419335.21   112685124.5
URBAS GRUPO FINA   UBS EO            -58419335.21   112685124.5
URBAS GRUPO FINA   UZY GR            -58419335.21   112685124.5
URBAS GRUPO FINA   UBS NR            -58419335.21   112685124.5
URBAS GRUPO FINA   UBS S1            -58419335.21   112685124.5
URBAS GRUPO FINA   UBS EU            -58419335.21   112685124.5
URBAS GRUPO FINA   UBS SM            -58419335.21   112685124.5
URBAS GRUPO FINA   UBSE L3           -58419335.21   112685124.5
URBAS GRUPO FINA   UBS TQ            -58419335.21   112685124.5
URBAS GRUPO FINA   UBS IX            -58419335.21   112685124.5
URBAS GRUPO FINA   UBS EB            -58419335.21   112685124.5
URBAS GRUPO FINA   UBSE B3           -58419335.21   112685124.5
URBAS GUADAHERMO   URBZF US          -58419335.21   112685124.5
URBAS GUADAHERMO   UBSS PZ           -58419335.21   112685124.5
URBAS SA - RT      UBS/D SM          -58419335.21   112685124.5
US JUNCTION LTD    4448681Z LN       -34382425.75   143550635.9
USINES CHAUSSO-B   USCH FP           -23067631.26   249374198.4
USINES CHAUSSON    USCS FP           -23067631.26   249374198.4
UTC GROUP          UGR LN            -11904731.18   203553741.8
UTKILEN SHIPPING   4446161Z NO       -1914233.387   153603650.5
VALE DO LOBO - R   4764257Z PL       -77564257.57   440086474.5
VALEO SYSTEMES D   4518495Z FP       -154469722.8   354757514.5
VECTURA AS         4414505Z NO       -7960396.671   246417342.6
VEOLIA ES LANDFI   1377362Z LN       -21590467.78   361889226.2
VEOLIA TRANSPORT   4684377Z FP       -4105979.639   216367398.9
VEOLIA TRANSPORT   4030437Z NA       -12976610.13   100639002.5
VERNEUIL PARTICI   VRNL FP           -6937246.157   107314275.4
VERNEUIL PARTICI   VRNL EU           -6937246.157   107314275.4
VERNEUIL PARTICI   VRNL TQ           -6937246.157   107314275.4
VERNEUIL PARTICI   VRNL PZ           -6937246.157   107314275.4
VERNEUIL PARTICI   VRNLP L3          -6937246.157   107314275.4
VERNEUIL PARTICI   VRNLP S2          -6937246.157   107314275.4
VERNEUIL PARTICI   VRNL S1           -6937246.157   107314275.4
VERNEUIL PARTICI   VRNL EB           -6937246.157   107314275.4
VERNEUIL PARTICI   VRNL IX           -6937246.157   107314275.4
VERNEUIL PARTICI   TCNP IX           -6937246.157   107314275.4
VERNEUIL PARTICI   VRNLP B3          -6937246.157   107314275.4
VERNEUIL PARTICI   VRNL EO           -6937246.157   107314275.4
VERNEUIL PARTICI   VEPA FP           -6937246.157   107314275.4
VESTAS TECHNOLOG   1665752Z LN       -7519307.393   126222980.3
VETERIN - RIGHTS   VETR GA            -1446551773   135183840.6
VIA CAVOUR SRL     3997892Z IM        -1947582.88   168856438.8
VIALTIS            4730449Z FP       -2969942.626   141404113.3
VIMPEL SHIP-BRD    SOVP* RU          -8432780.313   229071575.4
VIMPEL SHIP-BRD    SOVP RU           -8432780.313   229071575.4
VINCENZO ZUCCHI    ZUCXAW IM         -1962546.592   214098163.1
VINK HOLDINGS LT   4380233Z LN       -13477512.44   132006628.3
VION FOOD GROUP    661873Z NA        -34576140.07    2937603388
VIOTER             VIOTF US             -23829660   155608222.9
VIOTER S.A.-RTS    BIOTR GA             -23829660   155608222.9
VIOTER SA-AUCTIO   BIOTE GA             -23829660   155608222.9
VIRGIN HOTELS GR   4288389Z LN        -30191617.1   109996972.6
VIRGIN MOB-ASSD    VMOC LN           -392176531.7   166074713.7
VIRGIN MOB-ASSD    VMOA LN           -392176531.7   166074713.7
VIRGIN MOBILE      VMOB PO           -392176531.7   166074713.7
VIRGIN MOBILE      UEM GR            -392176531.7   166074713.7
VIRGIN MOBILE      VGMHF US          -392176531.7   166074713.7
VIRGIN MOBILE      VMOB VX           -392176531.7   166074713.7
VIRGIN MOBILE HO   VMOB LN           -392176531.7   166074713.7
VIRIDOR WASTE EX   1428546Z LN       -22087452.25   120614872.4
VISTEON SYSTEMES   4699177Z FP       -21405018.49   207862872.9
VNG NORGE AS       4513147Z NO       -87651824.24   256963958.9
VOLGABURMASH-BRD   VBUM* RU          -5816650.701     163044289
VOLGABURMASH-BRD   VBUM RU           -5816650.701     163044289
VOLGOGAZ-BRD       VLGG RU           -24509870.89   105172892.8
VOLGOGAZ-BRD       VLGG* RU          -24509870.89   105172892.8
VOLGOGRAD - PFD    VGSBP* RU          -29565028.8   369623522.9
VOLGOGRAD - PFD    VGSBP RU           -29565028.8   369623522.9
VOLGOGRAD - PFD    VGSBPG RU          -29565028.8   369623522.9
VOLGOGRAD - PFD    VGSBP RM           -29565028.8   369623522.9
VOLGOGRAD ENERGO   VGSB RM            -29565028.8   369623522.9
VOLGOGRAD ENERGO   VGSBG RU           -29565028.8   369623522.9
VOLGOGRAD ENERGO   VGSB* RU           -29565028.8   369623522.9
VOLGOGRAD ENERGO   VGSB RU            -29565028.8   369623522.9
VOLGOGRAD KHIM     VHIM* RU          -126558518.8   153595253.5
VOLGOGRAD KHIM     VHIM RU           -126558518.8   153595253.5
VOLKER WESSE-CVA   VWSTC VX          -395744.3147    4036389300
VOLKER WESSE-CVA   VSTNC NA          -395744.3147    4036389300
VOLKER WESSE-CVA   KKJKF US          -395744.3147    4036389300
VOLKER WESSEL-N    VSTNN NA          -395744.3147    4036389300
VOLKER WESSEL-ST   VSTS NA           -395744.3147    4036389300
VOLKER WESSELS-D   VWSS NA           -395744.3147    4036389300
VOLKER WESSELS-D   69467Q NA         -395744.3147    4036389300
VOLKERWESSELS BO   4062101Z NA       -51019.30189     164200797
VOLUTION GROUP     FANEUR EO         -20561799.02   327437694.9
VOLUTION GROUP     FAN LN            -20561799.02   327437694.9
VOLUTION GROUP     FANEUR EU         -20561799.02   327437694.9
VOLUTION GROUP     FANL S2           -20561799.02   327437694.9
VOLUTION GROUP     FANL B3           -20561799.02   327437694.9
VOLUTION GROUP     FANL L3           -20561799.02   327437694.9
VOLUTION GROUP     FANGBX EO         -20561799.02   327437694.9
VOLUTION GROUP     FANGBX EU         -20561799.02   327437694.9
VOLUTION GROUP     FANL IX           -20561799.02   327437694.9
VOLUTION GROUP     FANL EB           -20561799.02   327437694.9
VOLUTION GROUP     FANL S1           -20561799.02   327437694.9
VOLUTION GROUP     VO1 GR            -20561799.02   327437694.9
VOLUTION GROUP     FANL BQ           -20561799.02   327437694.9
VOLUTION GROUP P   4453393Z LN       -20561799.02   327437694.9
VORWERK & CO KG    VORW GR           -1423024.853    5009284697
VOYAGE GROUP LTD   4168725Z LN       -89544630.84   572211682.5
VT SUPPORT SERVI   1761897Z LN       -3791466.085   345328841.8
VUE ENTERTAINMEN   4514631Z LN         -116156914   894935082.8
W2005 W2007 CARN   3824100Z NA       -90774192.62   313655754.3
WARNER CHILCOT-A   G3LA TH             -427000000    3832000000
WARNER CHILCOT-A   G3LA GR             -427000000    3832000000
WARNER CHILCOT-A   G3L GR              -427000000    3832000000
WARNER CHILCOT-A   WCRX US             -427000000    3832000000
WARNER CHILCOT-A   WCRXEUR EO          -427000000    3832000000
WARNER CHILCOT-A   WCRXEUR EU          -427000000    3832000000
WARNER MUSIC GRO   3809048Z ID       -104416.9967   209719016.9
WATERFORD - RTS    WWWA ID           -505729895.2     820803256
WATERFORD - RTS    WWWB ID           -505729895.2     820803256
WATERFORD - RTS    WWWA GR           -505729895.2     820803256
WATERFORD - RTS    WWWB GR           -505729895.2     820803256
WATERFORD - RTS    508523Q LN        -505729895.2     820803256
WATERFORD - RTS    508519Q LN        -505729895.2     820803256
WATERFORD CRYSTA   4459209Z ID       -150437387.1   114109583.5
WATERFORD W-ADR    WATWY US          -505729895.2     820803256
WATERFORD WDGEWD   WATFF US          -505729895.2     820803256
WATERFORD WDGEWD   WATWF US          -505729895.2     820803256
WATERFORD WE-RTS   WTFN LN           -505729895.2     820803256
WATERFORD WE-RTS   WTFN ID           -505729895.2     820803256
WATERFORD WE-RTS   WTFN VX           -505729895.2     820803256
WATERFORD WE-RTS   WTFF ID           -505729895.2     820803256
WATERFORD WE-RTS   WTFF LN           -505729895.2     820803256
WATERFORD WED-RT   586552Q LN        -505729895.2     820803256
WATERFORD WED-RT   586556Q LN        -505729895.2     820803256
WATERFORD WED-RT   WWWD GR           -505729895.2     820803256
WATERFORD WED-RT   WTFR LN           -505729895.2     820803256
WATERFORD WED-RT   WWWC GR           -505729895.2     820803256
WATERFORD WED-RT   WWWC ID           -505729895.2     820803256
WATERFORD WED-RT   WWWD ID           -505729895.2     820803256
WATERFORD WED-UT   WTFUGBX EO        -505729895.2     820803256
WATERFORD WED-UT   WTFUGBX EU        -505729895.2     820803256
WATERFORD WED-UT   WTFU ID           -505729895.2     820803256
WATERFORD WED-UT   WTFU LN           -505729895.2     820803256
WATERFORD WED-UT   WTFU EU           -505729895.2     820803256
WATERFORD WED-UT   WTFU PO           -505729895.2     820803256
WATERFORD WED-UT   WTFU EO           -505729895.2     820803256
WATERFORD WED-UT   WWWD PZ           -505729895.2     820803256
WATERFORD WED-UT   WTFU VX           -505729895.2     820803256
WATERFORD WED-UT   WTFU IX           -505729895.2     820803256
WATERFORD WED-UT   WWW PO            -505729895.2     820803256
WATERFORD WED-UT   WWW GR            -505729895.2     820803256
WATERFORD-ADR UT   WATFZ US          -505729895.2     820803256
WATERFORD-ADR UT   WFWA GR           -505729895.2     820803256
WATERFORD-SUB      3001875Z ID       -505729895.2     820803256
WATSON & PHILIP    WTSN LN             -120493900   252232072.9
WEATHERFORD FRAN   3633107Z FP       -7947479.354     100318950
WESCOT TOPCO LTD   4007020Z LN       -24133448.87   109740838.3
WEST HAM UNITED    1275834Z LN       -180012199.9   135176063.9
WESTA INTERNATIO   WESW B3              -58977000     246108992
WESTA INTERNATIO   WESW L3              -58977000     246108992
WESTA INTERNATIO   WESW S2              -58977000     246108992
WESTAISIC          WESPLN EO            -58977000     246108992
WESTAISIC          WES PW               -58977000     246108992
WESTAISIC          WESPLN EU            -58977000     246108992
WHELCO HOLDINGS    2741744Z LN       -1295294.241   100785295.7
WHITE HART LANE    2004631Z LN       -1123372.612   151053464.8
WILLIAM HILL CRE   1068754Z LN       -1946504.998   266028437.2
WILLIAM HILL-W/I   605547Q US        -59180694.37    1343662688
WILLIAM HILL-W/I   101001Q LN        -59180694.37    1343662688
WINCANTON PL-ADR   WNCNY US          -434506999.9   685414924.1
WINCANTON PLC      WIN1 BQ           -434506999.9   685414924.1
WINCANTON PLC      WIN1 TQ           -434506999.9   685414924.1
WINCANTON PLC      WIN1 QM           -434506999.9   685414924.1
WINCANTON PLC      WIN1GBP EO        -434506999.9   685414924.1
WINCANTON PLC      WIN1 EB           -434506999.9   685414924.1
WINCANTON PLC      WINL S2           -434506999.9   685414924.1
WINCANTON PLC      WIN1 S1           -434506999.9   685414924.1
WINCANTON PLC      WINL B3           -434506999.9   685414924.1
WINCANTON PLC      WIN1EUR EU        -434506999.9   685414924.1
WINCANTON PLC      WIN PZ            -434506999.9   685414924.1
WINCANTON PLC      WIN1USD EU        -434506999.9   685414924.1
WINCANTON PLC      WNCNF US          -434506999.9   685414924.1
WINCANTON PLC      WIN1EUR EO        -434506999.9   685414924.1
WINCANTON PLC      WINL L3           -434506999.9   685414924.1
WINCANTON PLC      WIN1USD EO        -434506999.9   685414924.1
WINCANTON PLC      WIN10 EO          -434506999.9   685414924.1
WINCANTON PLC      WIN13 EO          -434506999.9   685414924.1
WINCANTON PLC      WIN1 NQ           -434506999.9   685414924.1
WINCANTON PLC      WIN7 EO           -434506999.9   685414924.1
WINCANTON PLC      WIN LN            -434506999.9   685414924.1
WINCANTON PLC      WIN PO            -434506999.9   685414924.1
WINCANTON PLC      WIN11 EO          -434506999.9   685414924.1
WINCANTON PLC      WIN6 EO           -434506999.9   685414924.1
WINCANTON PLC      WIN4 EO           -434506999.9   685414924.1
WINCANTON PLC      WIN8 EO           -434506999.9   685414924.1
WINCANTON PLC      WIN1 EU           -434506999.9   685414924.1
WINCANTON PLC      WIN12 EO          -434506999.9   685414924.1
WINCANTON PLC      WIN9 EO           -434506999.9   685414924.1
WINCANTON PLC      WIN IX            -434506999.9   685414924.1
WINCANTON PLC      WIN5 EO           -434506999.9   685414924.1
WINCANTON PLC      WIN VX            -434506999.9   685414924.1
WINCANTON PLC      WIN1 EO           -434506999.9   685414924.1
WINDSOR TELEVISI   1475394Z LN       -284777809.5   341907343.5
WOLSELEY FRANCE    4736457Z FP       -7709175.401     626902917
XCHANGING UK LTD   1814130Z LN       -63394768.74   447098103.7
XFERA MOVILE SA    1236Z SM          -163864345.4    1641307422
XSTRATA SERVICES   1975918Z LN       -2581782.821   151944610.4
YANG MING UK LTD   1756777Z LN       -82951196.78   273789409.4
YASARBANK          YABNK TI          -948074542.1   622746433.4
YELL GROUP PLC     YELL VX            -2257521127    2120614224
YELL GROUP PLC     YELL PO            -2257521127    2120614224
YELL GROUP PLC     YELL NQ            -2257521127    2120614224
YELL GROUP PLC     YELL LN            -2257521127    2120614224
YELL GROUP PLC     YELL PZ            -2257521127    2120614224
YELL GROUP- SUB    3449192Z LN        -2257521127    2120614224
YELL LTD           1941670Z LN        -1194529772   559974497.4
YORK REFRIGERATI   1846666Z LN       -33510192.51    1093012767
YPSO FRANCE SAS    711227Z FP        -636950566.9    3718583352
YUASA BATTERY UK   1449090Z LN       -7606058.565   109145700.5
ZAPORIZHFERO-GDR   621176Z LX        -13433738.24   273876108.6
ZAPORIZHFERO-GDR   0697025D GR       -13433738.24   273876108.6
ZAPORIZHFEROSPLA   ZFER UZ           -13433738.24   273876108.6
ZERNOVAYA KOMPAN   ONAST RU          -37454792.73   659984505.1
ZIL AUTO PLANT     ZILL$ RU          -237320797.3   371525868.1
ZIL AUTO PLANT-P   ZILLP RM          -237320797.3   371525868.1
ZIL AUTO PLANT-P   ZILLP RU          -237320797.3   371525868.1
ZIL AUTO PLANT-P   ZILLP* RU         -237320797.3   371525868.1
ZINVEST FASHION    3775412Z NA       -296493.9562   180637333.9
ZKD-BRD            ZKRD RU           -21363755.99   173276357.4
ZKD-BRD            ZKRD* RU          -21363755.99   173276357.4
ZUCCHI - RTS       ZUCAZEUR EU       -1962546.592   214098163.1
ZUCCHI - RTS       ZUCAZEUR EO       -1962546.592   214098163.1
ZUCCHI - RTS       ZUCAZA IM         -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCR TQ           -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCRM L3          -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCRM B3          -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCR IM           -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCN IX           -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCR EO           -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCRM S2          -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCR EU           -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCR PZ           -1962546.592   214098163.1
ZUCCHI,VINC- RSP   ZUCS IM           -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUCM S2           -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC EU            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUCI IX           -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC EB            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC IX            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC EO            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC PZ            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUCM L3           -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUCM B3           -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC S1            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC TQ            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC BQ            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC QM            -1962546.592   214098163.1
ZUCCHI,VINCENZO    ZUC IM            -1962546.592   214098163.1
ZUCCHI,VINCENZO    VIZUF US          -1962546.592   214098163.1
ZURICH EMPLOYMEN   1292298Z LN         -571647918   152143800.5
ZVON ENA HOLDING   ZVHR PZ           -304033160.5   774883403.9
ZVON ENA HOLDING   ZVHR EU           -304033160.5   774883403.9
ZVON ENA HOLDING   ZVHR SV           -304033160.5   774883403.9
ZVON ENA HOLDING   ZVHR EO           -304033160.5   774883403.9
ZWINGER OPCO 6 B   3821644Z NA       -103722296.7   611138495.1


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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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